Schaeffler Group

Schaeffler Group

Headquarters	Herzogenaurach, Germany
Key people	Klaus Rosenfeld, CEO
Website	www.schaeffler.com

The Schaeffler Technologies AG & Co. KG (also known as Schaeffler Group respectively Schaeffler Gruppe in German) is a privately owned major manufacturer of rolling element bearings for automotive, aerospace and industrial uses^[1] before October 9, 2015 IPO in Germany. In August 2008 the firm agreed to a staggered €12 billion acquisition of larger rival Continental AG, whereby Schaeffler would defer taking a majority stake until at least 2012.^[2] However, in 2011 Schaeffler sold off €1.8 billion shares of Continental, reducing its stake from 75.1% to 60.3%.^[3] Currently, the company owns 46% of Continental shares.^[4] Schaeffler Group also owns the brands INA, FAG and LuK.

In Germany, the main brands of the Schaeffler Group – INA, FAG and LuK – are marketed by Schaeffler Technologies AG & Co. KG and LuK GmbH & Co. oHG.

History

• 1883: Friedrich Fischer of Schweinfurt designs a machine to allow steel balls to be ground to an absolutely round state for the first time – and in large volumes.^[5]
• 1905: On 29 July, the FAG brand is registered with the patent office in Berlin. The registered trademark FAG, stands for Fischers Aktien-Gesellschaft.
• 1946: Brothers Wilhelm and Georg Schaeffler, both holders of Ph.D. degrees, found INA in Herzogenaurach.
• 1949: The needle roller cage, developed by Georg Schaeffler, makes the needle roller bearing a reliable component for industrial applications.
• 1965: LuK Lamellen und Kupplungsbau GmbH is founded in Bühl (with INA as one of the investors).
• 1999: INA takes over LuK GmbH
• 2002: Acquisition of FAG Kugelfischer Georg Schäfer AG, Schweinfurt.
• 2003: INA, FAG and LuK form the Schaeffler Group.
• 2008: Schaeffler Group buys the much larger Continental AG (Germany).
• 2009: President and CEO of the Schaeffler Group, Dr. Juergen M. Geissinger, was elected president of the World Bearing Association.^[6]
• 2011: Schaeffler Group becomes Schaeffler AG and Schaeffler Technologies AG & Co. KG
• 2013: On 4 October, an employee letter said "... Mr. Klaus Rosenfeld will take over as acting CEO in addition to his current responsibilities as Chief Financial Officer".
• 2013: The third generation of Schaeffler’s electric axle, presented in Schaeffler’s ACTIVeDRIVE, becomes a promising pilot production product.
• 2014: Schaeffler opens its first Russian plant Ulyanovsk, from which it supplies high-quality products to both domestic and overseas automobile manufacturers as well as to the railway industry.
• 2015: Schaeffler successfully completes its initial public offering on October 9, 2015 under the motto "We share our success".

References

1. Schaeffler Group
2. Mason, Rowena (21 August 2008). "Schaeffler family buys out tyre giant Continental for €12bn". The Daily Telegraph. Retrieved 2008-08-25.
3. Rahn, Cornelius (2011-03-28). "Schaeffler Sells 1.8 Billion Euros in Continental AG Shares".
4. "Continental Corporation -Shareholder Breakdown, Notification of Voting Rights". Continental AG. Retrieved 7 July 2015.
5. [HISTORY] Friedrich Fischer's idea from the year 1883 for milling and grinding balls of equal size and exact roundness by means of a suitable production machine formed the foundation for creation of an independent bearing industry.
6. "Schaeffler KG: Geißinger Takes on Chairmanship of World Bearing Association". Mining Reporter. 13 October 2009.