October 24, 2014 6:26 AM ET

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Company Overview of Schaeffler Technologies AG & Co. KG

Company Overview

Schaeffler Technologies AG & Co. KG develops, manufactures, and sells rolling bearings, spherical plain bearings, plain bearings, and linear products for the automotive industry in Germany and internationally. The company offers engine, transmission, and chassis systems and accessories, as well as eMobility systems. It also provides rolling and plain bearings, linear guides, and direct drives for aftermarket applications, including airplanes and helicopters, aerospace refurbishment and repair, railway, construction machinery, civil engineering, printing machines, electrical engineering, power tools, bicycles and sports equipment, fluid technology, conveying and warehousing equipment, industr...

Industriestraße 1-3

Herzogenaurach,  91074

Germany

Founded in 1946

Phone:

49 91 32 820

Fax:

49 91 32 8249 50

Key Executives for Schaeffler Technologies AG & Co. KG

Chief Executive Officer
Age: 49
Chairman of the Managing Board
Age: 55
Managing Director and Member of Management Board
Age: 56
Managing Director and Member of Management Board
Compensation as of Fiscal Year 2014.

Schaeffler Technologies AG & Co. KG Key Developments

Schaeffler Group Announces Earnings Results for the First Quarter of 2014; Revised Revenue Guidance for the Full Year of 2014

Schaeffler Group announced earnings results for the first quarter of 2014. Its revenue increased by 8.0% to approximately €3.0 billion from the first quarter of the prior year. Excluding the impact of currency translation, the Group’s operational revenue growth was 11.2%. Automotive division revenue increased by 11.3% to approximately €2.2 billion. At constant currency, the division achieved a growth rate of 14.4%, significantly higher than the growth in global vehicle production. Industrial division revenue for the first three months of 2014 declined slightly by 0.7% compared to the prior year quarter as a result of the adverse impact of currency translation. On an FX adjusted basis, revenues in the Industrial division rose by 3.1%. At 26%, the Greater China region reported the high growth rate compared to the prior year quarter, followed by the Asia/Pacific region, where revenue increased by 10%. The newly established regions Europe and Americas experienced revenue growth of 7% and 2%, respectively, compared to the first quarter of 2013. Schaeffler Group’s EBIT for the first quarter of 2014 increased by €59 million to €414 million compared with €355 million for the same period a year ago. EBIT includes the one-off positive impact of approximately €10 million from the release of provisions. Net income for the reporting period improved by €149 million to €382 million compared with €233 million for the same period a year ago. Operating cash flow of €134 million compared with €172 million for the same period a year ago, was lower than in the prior year due to an increase in funds required for working capital. Capital expenditures increased by €34 million to €155 million. Schaeffler primarily invested in new machinery concepts to strengthen its innovative ability and in the expansion of its worldwide production capacity. Net external financial debt (financial debt less cash and excluding shareholder loans) increased slightly by €80 million to €5.5 billion at the end of the first quarter of 2014 compared to December 31, 2013. Following the good start to the new year and the strong growth of the Automotive division in the first quarter of 2014, Schaeffler Group has raised its sales guidance for the year. The company now expects to generate revenue growth of more than 7% compared with previous guidance range of 5% to 7% in 2014. Its forecast EBIT margin remains at 12% to 13%.

Schaeffler Technologies AG & Co. KG to Cut 500 Jobs at German Plant by End-2015

Schaeffler Technologies AG & Co. KG has decided to cut around 500 jobs at the company's Wuppertal plant in Germany by the end of 2015, citing surplus capacity and poor demand. The workforce at the plant, which presently employs around 1,500 people, will be set at around 1,000 - around 250 fewer than originally planned. Affected employees will be offered the option of transferring to an interim employment company from February 2014 onwards. The further job cuts will take place in 2015 through progressive retirements, voluntary contract termination agreements, and natural fluctuations.

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