Schaeffler Group

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Schaeffler Group
Headquarters Herzogenaurach, Germany
Key people

Klaus Rosenfeld, CEO and Deputy CEO to be;

Klaus Deller CEO to be
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] In August 2008 the firm agreed to a staggered €12 billion acquisition of larger rival Continental AG, whereby Schaeffler will 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%.[confusing: are not 75.1% and 60.3% majority stakes?][3] It owns the brands INA, FAG, 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[edit]

  • 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.[4][citation needed]
  • 1905: On July 29, 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.[5]
  • 2011: Schaeffler Group becomes Schaeffler AG and Schaeffler Technologies AG & Co. KG
  • 2013: On October 4th, an employee letter said "... Mr. Klaus Rosenfeld will take over as acting CEO in addition to his current responsibilities as Chief Financial Officer".

References[edit]