Schaeffler Group
Schaeffler is a German engineering company and supplier to the automotive industry. The group has several product brands INA, FAG, LuK, Schaeffler Technologies and more. The combined company was formerly under the umbrella of partnership Schaeffler Holding GmbH & Co. KG, which was "Schaeffler AG " converted on 13 October 2011 in the corporation. The Group employed worldwide in 2012 to 180 sites over 76,000 people including about 29,800 in Germany. The worldwide turnover amounted to 11.1 billion euros in 2012. Headquarters is Herzogenaurach.
The company was relatively unknown to the public until the autumn of 2001 he succeeded in a hostile takeover of the company FAG. In the summer of 2008, the access followed the Continental AG. Reasons for the lack of awareness were that the former as a family limited partnership with general partners subject to fewer disclosure requirements and that no products are produced directly to end users.
1946, the brothers Wilhelm Schaeffler ( 1908-1981 ) and Georg Schaeffler ( 1917-1996 ) founded the company. The company founder Georg Schaeffler Maria -Elisabeth Schaeffler widow, currently holds 20 % and her son Georg Friedrich Wilhelm Schaeffler holds 80 % of the company. The operational business of the Schaeffler Group and participation in Continental AG were consolidated on October 13, 2011 in a joint stock company and is now called Schaeffler AG.
History
The company dates back to the Davistan AG Katscher in Upper Silesia, in 1933, after the Jewish founder of the company had to flee before the rise of National Socialism in debt fell to a consortium of banks.
1939 Wilhelm Schaeffler acquired the operation and presented during the Second World War under the new name " Wilhelm Schaeffler AG " with the help of slave laborers from across Europe textiles for the Wehrmacht from 1941 and needle bearings for tanks chains. According to information from Spiegel TV said to have been made from hair of concentration camp inmates at this time also textiles, in the opinion of the historian Gregor Schöllgen who examined the company's history on behalf of the family, the allegations after the date the present state of knowledge are not durable.
In 1945 the company was relocated to the Upper Franconian Black Hammer because of the advance of the Soviet army. In the spring of 1946, the brothers Wilhelm and Georg Schaeffler founded with two partners in Herzogenaurach, Germany, the company with the company's industry -GmbH, which initially manufactured buttons and buckles made of wood and soon also became the supplier of the tool shop. 1949 Georg Schaeffler developed the needle cage needle roller bearings, the ( INA) led the early industrial needle bearings to success. 1951, the Saar needle bearing oHG was founded in Homburg first INA branch factory in Germany, 1956 followed by the first foreign branch plant in Haguenau, 1958, opening of the plant in São Paulo, Brazil. 1965 was acquired under INA participation, the lamellae and clutch makers Häussermann August in Bühl and renamed LuK lamellae and clutch makers GmbH. 1979, she joined the Schaeffler Technologies AG, Switzerland and in 1984 the investment in Helmut ELGES GmbH, Steinhagen. 1991 and 1992 the works in Skalica, Slovakia and Ansan, Korea were opened and in 1995 was followed by the INA Bearings Co. Ltd. China. in Taicang, China. 2000, the majority stake in LIVELY Engine Parts GmbH was acquired. 2001, the Group purchased the Schweinfurt competitors FAG ball Fischer on by a hostile takeover and took the company private.
Today, the Schaeffler Group with its brands INA, FAG and LuK various components for the automotive industry, mechanical engineering and aviation and space industry are produced. In the automotive division allows components and units for engines, transmissions and chassis and components for industries drive technology, production machinery, heavy industry, consumer goods industry, wind power, rail transportation equipment.
Since the early 1970s, also parts for engines are developed and produced, such as valve clearance compensation elements, chain drives and belt drives, rocker arms, rocker arms, camshaft adjuster and ball screws for electromechanical steering. The core technology of the company include, inter alia, the cold forming ( deep drawing). The company holds at 40 development locations worldwide total of approximately 18,000 patents and patent applications, and is one of the largest training providers in northern Bavaria.
On October 4, 2013 Schaeffler announced that the former CEO Juergen Geissinger will leave the company by mutual agreement and with immediate effect. Until the appointment of a successor Chief Financial Officer Klaus Rosenfeld additionally will take to his previous duties, the management of the company.
In January 2013, the group participated in the 500 largest family of the journal Economic Journal ranking an eleventh place.
Takeover of Continental AG
On 14 July 2008, the Schaeffler Group confirmed its fundamental interest in a commitment to the automotive supplier Continental. On 15 July 2008 a first bid in the amount of 69.37 Euro per Continental share has been presented. At the same time it was announced that the Schaeffler Group had secured a share of over 36 percent through cash - settled equity swaps. On 21 August 2008, the Schaeffler Group entered into an agreement with Continental AG from an investor agreement. The commitment of the Schaeffler Group at Continental AG should be confined within the next four years for a minority stake of up to 49.99 percent. Safeguard for the interests of all stakeholders of Continental AG should be the former German Chancellor Gerhard Schröder.
The Schaeffler Group were eventually tendered 90 percent of Continental AG shares at the price of the last bid of 75 Euros. The market price was in the meantime fallen to around 20 euros. Due to the obligations under the tender offer Schaeffler had to remove the high price tendered Continental shares. The about 49.99 percent beyond shares were passed on to the participating banks. The result was that the Schaeffler Group had more debt than planned and the shares of Continental AG, which were originally intended as security for the debt, at the beginning of 2009, only about a quarter were worth as much as originally planned.
31 August 2008, Manfred Wennemer was relieved at his own request from his position as Chairman of the Board, a position he held since 11 September 2001. He was succeeded by Karl-Thomas Neumann.
Between Continental and Schaeffler escalated a dispute as to the enormous debt burden reduced and the merger could be saved. After Schaeffler had acquired in early 2009 the de facto majority stake in Continental AG, Continental's chairman Hubertus von Grünberg resigned on 24 January 2009.
Continental and Schaeffler had a total of around 23 billion euros of debt and tried end of January 2009 to get government aid to the persistence of the Schaeffler Group. The state governments of Lower Saxony and Bavaria discussed an aid in the amount of approximately 500 million euros, and by the federal government guarantees in the amount of four billion euros were demanded.
To draw attention to the existence threatened, founded the company employees the initiative We are also Schaeffler. In a first action in February 2009 8.000 employees and many friends of the company demonstrated in Herzogenaurach for the preservation of the Schaeffler Group.
The Schaeffler Group compared their importance for the automotive industry with the U.S. investment bank Lehman Brothers for the banking sector. She promised a speedy repayment of state aid, with interest, which were never requested or used.
In negotiations with IG Metall far-reaching concessions for an extension of co-determination and publication of the financial results were made.
In mid-March 2009, Klaus Rosenfeld, the former CFO of Dresdner Bank, was appointed as the new Chief Financial Officer.
On 19 October 2009 Wolfgang Reitzle was appointed Chairman of the Supervisory Board of Continental AG.
On January 6, 2010, Continental recorded a total of 1.1 billion euros in gross proceeds to the issuance of 31 million new shares. The Schaeffler KG, M. M. Warburg & Co KGaA and B. Metzler seel. Sohn & Co. held after the capital together just over 60 percent of Continental AG.
Products
INA
FAG
FAG ( Fischers Aktien -Gesellschaft)
The LuK GmbH & Co. KG ( lamellae and clutch makers ), with headquarters in Bühl on the Black Forest, is an automotive supplier for driveline and was founded in 1965 by brothers George and Wilhelm Schaeffler Schaeffler in Buhler industrial area as LuK GmbH. Originating was LuK from the disc and clutch August Häussermann, which was founded in 1927 in Esslingen- Mettingen.
The production program of the company August Häussermann was expanded after the Second World War by the inclusion of motor vehicle clutches and clutch discs. Added to this was the production of disc springs, which became an integral part of the finished motor vehicle clutches. As of May 1965, the LuK diaphragm spring clutches supplied for the VW Beetle successor in series. From 1967, the company grew and expanded at home and abroad. Series production of automotive clutches for other well-known domestic and foreign automobile manufacturers followed. In addition, were also produced in series clutches for tractors and agricultural machinery. Another business is the trading of clutch replacement parts for export. For this line of business was 1975 AS Auto Parts -Service GmbH (later LuK Aftermarket, today Schaeffler Automotive Aftermarket GmbH & Co. KG ) in Langen near Frankfurt am Main forth.
In the late 1970s, the production volume rose to more than 200 million DM. Developed by LuK dual mass flywheel (DMF ), 1985 hailed as a world first, has prevailed for vibration damping in drive trains. 1995 produced the first clutch manufacturer LuK self-adjusting clutches (SAC ) in series. Since 1999 LuK supplies components for the new continuously variable transmission " Multitronic " at Audi. On 1 January 2000, the Schaeffler Group acquired the remaining 50 percent of the LuK Group of Valeo.
The product range of the LuK Group today comprises coupling systems, torsional damper and transmission components for CVT automatic and dual- clutch transmission. The LuK is today, with more than 8,000 employees ( 3,800 alone at the headquarters in Bühl ), one of the largest employers in the "Regio Pamina " ( Palatinate, North Rhine, Middle Upper Rhine).
Schaeffler Automotive Aftermarket ( before 1 January 2009: LuK-Aftermarket ) distributes spare parts for the brands LuK, INA, FAG and Ruville for auto repair shops and retailers.
In March 2006, the works of the business unit pumps were (LuK vehicle Hydraulik and LuK Automotive) sold and continued under the name ixetic GmbH by third parties.