Schaeffler Group

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

Schaeffler AG
TypeAktiengesellschaft
FWBSHA
IndustryAutomotive, Aerospace, Industrial
FoundersWilhelm Schaeffler
Georg Schaeffler
Headquarters,
Germany
Area served
Worldwide
Key people
Klaus Rosenfeld, (CEO)
Peter Pleus
Dietmar Heinrich
Matthias Zink
Michael Söding
Andreas Schick
Corinna Schittenhelm
Uwe Wagner
Stefan Schindler
RevenueIncrease €13.9 billion (2021)[1]
Number of employees
82,981 (2021)[1]
SubsidiariesContinental AG, Barden Corporation, XTRONIC GmbH, Schaeffler India
Websitewww.schaeffler.com

The firm is currently majority owned by Maria-Elizabeth Schaeffler-Thumann and her son Georg F. W. Schaeffler through a series of holding companies. These holding companies, controlled by the Schaeffler family, also own controlling interests in Continental AG and Vitesco Technologies.[1]

Schaeffler Group owns the brands INA, FAG, and LuK. In Germany, these main brands are marketed by Schaeffler Technologies AG & Co. KG and LuK GmbH & Co. oHG.

Schaeffler has an Indian subsidiary, Schaeffler India, which is publicly listed on the National Stock Exchange of India and the Bombay Stock Exchange.[5]

HistoryEdit

  • 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.[6][7]
  • 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 Gussstahlkugelfabrik," or "Fischer's Automatic Steel Ball Factory."[8]
  • 1939: Acquisition of Davistan AG, a Jewish founded textiles company.[9]
  • 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. Jürgen M. Geissinger, was elected president of the World Bearing Association.[10]
  • 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 pilot production product.
  • 2014: Schaeffler opens its first Russian plant in Ulyanovsk, from which it supplies products to both domestic and overseas automobile manufacturers as well as to the railway industry.
  • 2015: Schaeffler successfully completes its initial public offering on 9 October 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.[11]
  • 2018: Schaeffler fitted four electric motors from the ABT Schaeffler FE01 Formula E car to an Audi A3 for testing only.[12]

World War IIEdit

During the 2008 merger, the company revealed that in World War II it had exploited thousands of slave labourers in its plants in German-occupied Poland. 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.[13]

Schaeffler Family OwnershipEdit

In August 2008, the Schaeffler family agreed to a staggered €12 billion acquisition of larger rival Continental AG, whereby the family would defer taking a majority stake until at least 2012.[14] However, in 2011 the family sold off €1.8 billion worth of shares, reducing its stake from 75.1% to 60.3%.[15] Currently, the family owns 46% of Continental shares. The family also owns 46% of Vitesco Technologies.[1]

See alsoEdit

ReferencesEdit

  1. ^ a b c d "Schaeffler Annual Report 2021". Earnings releases. Schaeffler AG. Retrieved 18 February 2023.
  2. ^ "FAG Bearing on Rolls Bearing Limited". Retrieved 28 February 2017.
  3. ^ Schaeffler Group
  4. ^ "Schaeffler Group – Strategy – Overview". Schaeffler Group. 31 January 2017.
  5. ^ "Schaeffler India Ltd". Business Standard India. Retrieved 26 June 2022.
  6. ^ "Bearing Dictionary – History". BearingsOn.
  7. ^ "With pioneering spirit towards the future". Schaeffler Group. 30 June 2016.
  8. ^ "The ball grinding machine from Friedrich Fischer was patented 125 years ago". www.schaeffler.com. Archived from the original on 17 February 2017. Retrieved 16 March 2017.
  9. ^ "Official Journal of Herzogenaurach" (PDF) (in German). Archived from the original (PDF) on 6 March 2009. Retrieved 22 February 2009.
  10. ^ "Schaeffler KG: Geißinger Takes on Chairmanship of World Bearing Association". Thomas Publishing Company. 26 October 2009.
  11. ^ "Schaeffler Annual Report 2016" (PDF). Schaeffler Group. 8 March 2017.
  12. ^ "1180bhp Schaeffler 4ePerformance uses Formula E tech to out-accelerate 488 Pista | Autocar". www.autocar.co.uk. Retrieved 5 November 2018.
  13. ^ Hall, Allan (3 March 2009). "German car company 'used hair from Jews murdered at Auschwitz'". The Telegraph. Retrieved 14 May 2017.
  14. ^ Mason, Rowena (21 August 2008). "Schaeffler family buys out tyre giant Continental for €12bn". The Daily Telegraph. Retrieved 25 August 2008.[dead link]
  15. ^ Rahn, Cornelius (28 March 2011). "Schaeffler Sells 1.8 Billion Euros in Continental AG Shares".