Schaeffler AG plans to phase out production of wheel bearings at its factory in Schweinfurt, Germany, eliminating 576 jobs because of high costs and tough competition.

Manufacturing of the components at the plant will wind down over the next two to three years, according to a company spokesperson, who added the move comes after Schaeffler didn’t win new orders for the parts.

Schaeffler will maintain 300 jobs at the site and “will try to avoid firings and will offer early retirement packages,” the spokesperson added. The company employs some 29,000 people in Germany, about 38% of its global workforce.

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