Schaeffler acquires XTRONIC GmbH

XTRONIC is a technology partner that develops customer-specific software and electronics solutions for the international automotive industry. The owner-managed company employs some 170 people at its locations in Böblingen and Wolfsburg, Germany. The parties have agreed not to disclose the purchase price, but the takeover of the Böblingen, Germany-based company is expected to be completed in June 2019, once all closing conditions have been met. Once all the pieces are in place, XTRONIC will be integrated into the Schaeffler Group as a separate German private limited company (GmbH). Its operational management will remain in the hands of its Managing Director and current co-owner, Daniel Schmid. “After years of successful growth, we now see in Schaeffler the perfect partner and owner to take the business forward and further globalise its market position. Schaeffler’s expertise in product industrialization and system integration and its financial capability open up completely new opportunities for XTRONIC to scale its business model,” says Daniel Schmid in a press release. “Following last year’s purchase of the ‘Space Drive’ technology from Paravan and the takeover of Elmotec Statomat, our acquisition of XTRONIC is the logical next step in implementing our long-term business strategy and an excellent fit for our defined M&A strategy. Strengthening our software and electronics capabilities is vital to our ability to develop mechatronic solutions for ‘Mobility for tomorrow’. This acquisition aligns the Schaeffler Group even more strongly for growth within these highly promising and vitally important areas of business. The main beneficiaries will be our Chassis Systems and E-Mobility business divisions,” adds Matthias Zink, Schaeffler’s CEO Automotive OEM.