Schaeffler to sell its cylinder head manufacturing company Schaeffler Motorenelemente AG & Co. KG in Magdeburg to the Weber Group
Business will be continued by the Weber Group;
all of the company¡¯s 185 employees will be retained by the new owner
Further step to concentrate on core competencies
The automotive and industrial supplier Schaeffler is to sell its Magdeburg-based subsidiary Schaeffler Motorenelemente AG & Co. AG to the family-run Weber Group. The contract for the sale was signed on December 21, 2016.
Schaeffler Motorenelemente AG & Co. KG, an indirectly held 100% subsidiary of Schaeffler AG, specializes in the mechanical processing of cylinder heads and other complex housings for the automotive industry, which are not an integral part of the Schaeffler Group¡¯s core business. During the 2015 financial year, the company generated sales of around 42 million euros. All of the company¡¯s 185 employees will be retained by the new owner. A long-term agreement for the company to supply components to the Schaeffler Group was also concluded as part of the transaction.
Klaus Rosenfeld, CEO of Schaeffler AG, said: ¡°We have decided as part of our ¡®Mobility for tomorrow¡¯ strategy to concentrate on selected core competencies and future fields of development. The sale of Schaeffler Motorenelemente AG & Co. KG is a further step in this direction. It will allow us to free up resources that we can then invest in future fields of development that are important for us.¡±
In the Weber Group, Schaeffler has found a buyer whose portfolio and expertise in the field of drive components is a perfect match for the expertise of Schaeffler Motorenelemente AG & Co. KG. The Weber Group manufactures drive components for passenger cars, commercial vehicles, and recreation vehicles and is one of the world¡¯s leading suppliers of vehicle components.
Prof. Dr. Peter Pleus, CEO Automotive at Schaeffler AG, said: ¡°We are pleased that, with the Weber Group, we have found a buyer who will continue and expand activities at our Magdeburg plant in the interest of our customers and our employees. This is also important for us, since Schaeffler Motorenelemente AG & Co. KG will remain a supplier to the Schaeffler Group in the future, even after it becomes part of the Weber Group.¡±
The closing of the transaction is expected for the 1st quarter of 2017. It has been agreed that the details of the transaction will be kept secret.
