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".[6]

2014: Schaeffler Technologies GmbH & Co. KG is the new name from January 1, 2014 " due to taxation law changes that will become effective in 2014." 2014:Klaus Deller (51) to assume new CEO position on July 1, 2014 Klaus Rosenfeld (47) to become Deputy CEO of Schaeffler AG and Member of the Board of Directors of INA-Holding ".[7]

References[edit]