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Schaeffler Group

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Schaeffler Group
Headquarters
Herzogenaurach
,
Germany
Key people
Klaus Rosenfeld, CEO
Websitewww.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][citation needed]
  • 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.
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