FRANKFURT (AP) -- German car parts maker Schaeffler Group KG says it could cut up to 4,500 jobs in Germany in an effort to save euro250 million in costs.
The Herzogenaurach-based company said in a statement Wednesday it would do whatever it could, however, to avoid forced layoffs as it reduces the number of positions.
Schaeffler says its sales were significantly lower in the first quarter, and it expects much lower sales for the current year.
Schaeffler took control of Continental AG in January, creating one of the world's largest auto parts makers, rivaling the likes of Robert Bosch GmbH.