Schaeffler Group

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Schaeffler Group
Aktiengesellschaft
Traded as FWBSHA
Industry Automotive, Aerospace, Industrial
Founders Dr. Wilhelm Schaeffler
Dr.-Ing. E. h. Georg Schaeffler
Headquarters Herzogenaurach, Germany
Area served
Worldwide
Key people
Klaus Rosenfeld, (CEO)
Revenue

Increase €13.3 billion (2016)[1]

Increase €13.2 billion (2015)[2]
Number of employees
86,662 (2016)[1]
Website www.schaeffler.com

Schaeffler Technologies AG & Co. KG (also known as Schaeffler Group respectively Schaeffler Gruppe in German) is a manufacturer of rolling element bearings[3] for automotive, aerospace and industrial uses[4] before October 9, 2015 IPO in Germany. It was founded in 1946 by brothers Dr. Wilhelm and Dr.-Ing. E. h. Georg Schaeffler.[2]

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.[5] However, in 2011 Schaeffler sold off €1.8 billion shares of Continental, reducing its stake from 75.1% to 60.3%.[6] Currently, the company owns 46% of Continental shares.[7] Schaeffler Group also owns the brands INA, FAG and LuK.

During the merger, the company revealed that in World War II it had exploited thousands of slave labourers in its plants in German-occupied Poland.[8] Around this time the director of the museum now standing at the site of the Auschwitz concentration camp claimed that after the war 1.95 long tons (1,980 kg) of human hair had been found at Schaeffler factories, and had been used in upholstery in its automotive products. The historian at Schaeffler denied this particular allegation.[8]

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.[9][10]
  • 1905: On 29 July, the FAG brand is registered with the patent office in Berlin. The registered trademark FAG is an acronym for "Fischer's Automatische Gusstahlkugelfabrik," or "Fischer's Automatic Steel Ball Factory."[11]
  • 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 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.[12]
  • 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".
  • 2016: The strategy "Mobility for tomorrow" is adopted. U.S. and China plants are expanded and a new facility is opened in Chonburi, Thailand along with a new office in Moscow, Russia.[1]

References[edit]

  1. ^ a b c "Schaeffler Annual Report 2016" (PDF). Schaeffler Group. 8 March 2017. 
  2. ^ a b "Schaeffler Group - Strategy - Overview". Schaeffler Group. 31 January 2017. 
  3. ^ "Fag Bearing on Rolls Bearing Limited". Retrieved 28 February 2017. 
  4. ^ Schaeffler Group
  5. ^ Mason, Rowena (21 August 2008). "Schaeffler family buys out tyre giant Continental for €12bn". The Daily Telegraph. Retrieved 25 August 2008. 
  6. ^ Rahn, Cornelius (28 March 2011). "Schaeffler Sells 1.8 Billion Euros in Continental AG Shares". 
  7. ^ "Continental Corporation -Shareholder Breakdown, Notification of Voting Rights". Continental AG. Retrieved 7 July 2015. 
  8. ^ a b Hall, Allan (3 March 2009). "German car company 'used hair from Jews murdered at Auschwitz'". The Telegraph. Retrieved 14 May 2017. 
  9. ^ "Bearing Dictionary - History". BearingsOn. 
  10. ^ "With pioneering spirit towards the future". Schaeffler Group. 30 June 2016. 
  11. ^ "The ball grinding machine from Friedrich Fischer was patented 125 years ago". www.schaeffler.com. Retrieved 2017-03-16. 
  12. ^ "Schaeffler KG: Geißinger Takes on Chairmanship of World Bearing Association". Thomas Publishing Company. 26 October 2009.