Journal # Schaeffler in the crisis # 13.05.2009 08 UTC

Struggling car parts supplier Schaeffler has just announced that it will lay off 4500 people in Germany. Schaeffler got into trouble by buying up tyre manufacturer Continental - but the deal, combined with the effects of the economic crisis, has left Schaeffler reeling. Now the company is turning to the government for help and cutting jobs, and these job losses will be disastrous for the small town Herzogenaurach where the company is based...