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“Separating just for the sake of separating is not a coherent concept, even if the stock market occasionally thinks something like that is great,” said Schaeffler CEO Klaus Rosenfeld of the “Sddeutsche Zeitung” (Monday). “Schaeffler is not a conglomerate in the classic sense, but an integrated technology group that serves various sectors,” Rosenfeld told the newspaper. The activities in the group are usually linked by a common production technology. Schaeffler is currently doing better than it was a few years ago.
The so-called spin-off of drive technology is also planned for this year at the automotive supplier and tire manufacturer Continental. In addition to the supplier with the family name, the Schaeffler family also owns around 46 percent of the shares in Conti.
Rosenfeld also rejected a deeper integration of Schaeffler and Conti. “Bringing everything together wasn’t really an issue in the past. It’s through.” Schaeffler is also not interested in the Conti drive business. If the francs were to be bought, it would be in the industrial business. “Only buying size in order to become bigger would be wrong. We have to look at what complements and helps us technologically,” said Rosenfeld. Like others in the industry, Schaeffler is currently struggling with the shift towards electric drives. After shedding many jobs in recent years, the company is currently cutting 4,400 more jobs.
Schaeffler is building a new central laboratory for 80 million euros
The new laboratory building should provide space for around 400 employees and be completed by 2023, said company boss Klaus Rosenfeld on Monday. “When you process material, you have to understand very well how it works,” said Rosenfeld of the German Press Agency. “We have to deform metals with the highest precision. To do this, we need measurement technology at the highest level. That is one of the pillars of this laboratory,” he said.
The investment is one of the building blocks of a reform program at Schaeffler, which provides for the closure of several locations and the reduction of around 4,400 of the around 90,000 employees worldwide, primarily in Germany.
The union IG Metall had announced resistance to the Schaeffler plans and tried to prevent the closure of individual locations.
In the new central laboratory, the future topics of sustainability and e-mobility are also to be promoted. Components that require very precise measurement technology are built into electric motors. “E-motors are nothing more than precision mechanical components – very thin layers of metal, stacked many times over,” said Schaeffler Board Member for Production, Andreas Schick. “In fuel cells, for example, it is about an accuracy of five thousandths of a millimeter – you have to be able to measure and manufacture that,” he emphasized.
Schaeffler shares lost 2.06 percent to EUR 6.66 in XETRA trading.
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Image sources: Schaeffler Group
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conglomerate Schaeffler shares give Schaeffler rejects split builds central laboratory message