Schaeffler accepts worker representation

ERJ staff report (DS)

Frankfurt am Main, Germany -- Trade Union IG Metall and Schaeffler group have issued a joint statement describing Schaeffler's new policy on worker representation.

The partners will introduce co-determination for Schaeffler, irrespective of which legal form the group of companies will have in the future. The partners will also part with a portion of their shareholding in the Schaeffler Group in order to make a contribution towards reducing debts. IG Metall will give its support to the Schaeffler family so that it remains the main partners of the Group in the future.

Both sides emphasize in the paper the economic sense of the merger between Continental and Schaeffler in the context of industrial policy. Schaeffler's mechanical expertise and Continental's electronic technology complement each other and this is of system-relevant importance for the entire automotive industry, irrespective of the current economic crisis. Both sides are agreed that there must be no compulsory redundancies due to the merger of Schaeffler and Continental. The Schaeffler family agrees to establish a program of employee participation from its future shareholding.

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Press release from Schaeffler