November 8, 2017 / 10:43 AM / 2 years ago

Schaeffler to create 900 jobs at new German supply site

BERLIN, Nov 8 (Reuters) - German automotive supplier Schaeffler said it will spend 180 million euros ($209 million) to build an assembly and packaging site in eastern Germany and plans to create about 900 jobs there.

Schaeffler said on Wednesday the new site in Halle, about 33 kms (21 miles) west of Leipzig, will supply auto spare parts and tools to warehouses across Europe to help improve distribution quality. Operations will start in late 2019.

Chief Executive Klaus Rosenfeld said the investment underlines the strategic relevance of automotive aftermarket operations as well as Schaeffler’s commitment to Germany.

Earlier on Wednesday, the company confirmed its 2017 profit and sales guidance after reporting flat operating profit of 416 million euros in the third quarter and a 7.4 percent gain in sales.

Schaeffler, which has been family-controlled, makes ball bearings for products ranging from tools to aircraft. Its spare parts business includes clutch and release systems, engine and transmission applications and chassis applications.

$1 = 0.8625 euros Reporting by Andreas Cremer; Editing by Adrian Croft

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