German Car Parts Maker To Shut UK Sites, Citing Brexit

Schaeffler, a German maker of parts for cars and industrial products, announced Tuesday plans to shut two UK sites, with Brexit cited for axing up to a reported 500 jobs.

London, (UrduPoint / Pakistan Point News - 6th Nov, 2018 ) :Schaeffler, a German maker of parts for cars and industrial products, announced Tuesday plans to shut two UK sites, with Brexit cited for axing up to a reported 500 jobs.

Schaeffler said in a statement that "uncertainty surrounding Brexit has brought forward" a decision to restructure globally.

"A global business needs to regularly review market conditions and strive to optimise its footprint across different regions," added Regional CEO Europe, Juergen Ziegler.

"The proposed measures we have taken for the UK reflect this business reality. However, we remain committed to keeping certain activities in the UK, a country that will continue to be important to us."Schaeffler said the company proposes to close its sites in Llanelli, Wales, and Plymouth in southwest England, and to relocate their production to the US, China, South Korea and Germany.