July 23, 2014 3:23 AM ET

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Company Overview of Schaeffler AG

Company Overview

Schaeffler AG, together with its subsidiaries, develops and manufactures high-precision products for machines, equipment, vehicles, and aviation and aerospace applications worldwide. It operates in two segments, Automotive and Industrial. The Automotive segment offers wheel bearings; chassis and steering components; transmission components; torsion dampers; valve train systems; camshaft phasing units; electric drives; engine components; and valve control systems for the automotive sector, as well as distributes spare parts for passenger cars and commercial vehicles. The Industrial segment provides rolling and plain bearings, linear guidance systems, maintenance products, monitoring systems, ...

Industriestrasse 1-3

Herzogenaurach,  91074

Germany

Founded in 1883

79,686 Employees

Phone:

49 9132 820

Fax:

49 9132 82 4950

Key Executives for Schaeffler AG

Chief Executive Officer
Age: 52
Deputy Chief Executive Officer
Age: 49
Chief Operating Officer and Member of The Executive Management Board
Member of The Executive Management Board and Chief Executive Offiver of Automotive
Member of The Executive Management Board and Chief Executive Officer of Automotive
Compensation as of Fiscal Year 2014.

Schaeffler AG Key Developments

Schaeffler AG Announces Executive Changes

Schaeffler AG announced the appointment of Klaus Rosenfeld as it's new CEO for a five-year term. It has also extended chief technology officer (CTO) Peter Gutzmer's contract by another five years. Gutzmer will also become deputy CEO of Schaeffler.

Schaeffler Reports Earnings Results for the First Quarter of 2014; Raises Revenue Guidance for 2014

Schaeffler reported earnings results for the first quarter of 2014. In the first three months, revenue grew 8% to EUR 2.97 billion (USD 4.06 billion), driven by the automotive division. Excluding currency effects, revenue jumped 11.2%. The automotive division boosted its revenue 11.3% to EUR 2.2 billion, while the industrial division was burdened by currency effects. In the first quarter, the company managed to raise its net profit to EUR 382 million from EUR 233 million. Earnings before interest and tax (EBIT) climbed by EUR 59 million to EUR 414 million. The company lifted its outlook for 2014 as the automotive division made a strong start to the year. The revenue growth forecast was raised to over 7% from previously 5% to 7%.

Schaeffler Announces Earnings Results for the Full Year 2013; Provides Sales Guidance for the Year 2014

Schaeffler announced earnings results for the full year 2013. For the year, net income was down marginally year on year to EUR 865 million (USD 1.2 billion) from EUR 870 million in 2012. Sales increased 0.7% year on year to EUR 11.2 billion compared with EUR 11.1 billion. Earnings before income taxes was down 30.5% year on year to EUR 982 million compared with EUR 1.4 billion. EBIT decreased by 26.2% year on year to EUR 736 million compared with EUR 997 million in 2012. The company reduced its net debt to EUR 5.9 billion from EUR 6.9 billion disposing of 2% interest in Continental in September 2013. The company announced that in 2014, it expects to achieve sales growth 5% to 7% compared with 2013.

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