Germany: Job-security deal signed at Schaeffler

Schaeffler, a Germany-based ball-bearings manufacturer, signed an agreement in May 2009 that will prevent any compulsory redundancies before July 2010 if  personnel costs are cut by €250 million.

Schaeffler is headquartered in Herzogenaurach, Bavaria, and has a worldwide workforce of around 66,000, of whom 28,000 work in Germany.