December 4, 2024 – Feintool, a prominent Swiss automotive component supplier, announced on Tuesday local time that it will shut down one of its factories in Germany and lay off up to 200 employees. The decision comes as a result of sluggish demand for electric vehicles and uncertainties surrounding the transition to renewable energy.
According to Reuters, German automakers and suppliers are grappling with several challenges, including weak demand, high production costs, competition from Chinese automakers, and a slower-than-expected transition to electric vehicles.
Feintool stated that this reorganization will primarily impact its profitability in 2024, as the company reported a net loss of 3.2 million Swiss francs for the first half of the year.
Publicly available information reveals that Feintool, founded in 1959 and headquartered in Switzerland, has evolved into one of the world’s leading manufacturers of fineblanking machines and tools. The company operates 17 production plants and technology centers across seven countries on three continents, employing approximately 3,500 people globally.
