German industrial and automotive supplier Schaeffler announced on Tuesday plans to cut 4,700 jobs in Europe, one month after its merger with Vitesco. The company said that 2,800 of the jobs to be cut are in Germany. This corresponds to around 3.1% of the total workforce. Schaeffler, which employs 120,000 people worldwide, said 10 locations in Germany and five other locations in Europe will be affected. Two of the five European sites are to be completely closed. The measures will be implemented between 2025 and 2027, with savings of €290 million ($316 million) per year expected from 2029. Of th…