Schaeffler Group
The Schaeffler Technologies GmbH & Co. KG (also known as Schaeffler Group) 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] It owns the brands INA, FAG, LuK.
The Schaeffler Group is a supplier to the automotive industry and one of the world‘s leading manufacturers of rolling bearings and linear products.[citation needed] In Germany, the main brands of the Schaeffler Group – INA, FAG and LuK – are marketed by Schaeffler Technologies GmbH & Co. KG and LuK GmbH & Co. oHG.
[edit] History
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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. Thanks to this innovation, he lays the foundation for the entire rolling bearing industry.[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: It was recently alleged that the Schaeffler group, during the Second World War has used human hair from Auschwitz victims in textiles.( Haaretz)[citation needed]
2009: President and CEO of the Schaeffler Group, Dr. Jürgen M. Geißinger, was elected president of the World Bearing Association.[3]
[edit] References
- ^ Schaeffler Group
- ^ Mason, Rowena (21 August 2008). "Schaeffler family buys out tyre giant Continental for €12bn". The Daily Telegraph. http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/22/cnball122.xml. Retrieved 2008-08-25.
- ^ "Schaeffler KG: Geißinger Takes on Chairmanship of World Bearing Association". Mining Reporter. 13 October 2009. http://www.mining-reporter.com/index.php/component/content/article/426-schaeffler-kg/1187-schaeffler-kg-geissinger-takes-on-chairmanship-of-world-bearing-association?directory=1.
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