Vitesco is now officially a part of Schaeffler
Schaeffler AG has successfully completed the merger with Vitesco Technologies Group that was announced almost a year ago.
The merger of Vitesco into Schaeffler took effect on the first of October with the final entry of the merger in the commercial register of Schaeffler.
“With the completion of the merger with Vitesco today, Schaeffler is entering a new chapter in its corporate history. Despite the challenging environment, the complex transaction was successfully completed according to plan in less than a year. This proves that the two companies are not just a technological but also a cultural match. We look forward to our continued cooperation. Together, we will create a leading Motion Technology Company,” says Klaus Rosenfeld, CEO of Schaeffler AG, in a press release.
On a pro-forma basis for 2023, the combined company will have consolidated annual sales of around EUR 25 billion, employ around 120,000 people at over 250 locations, and have more than 100 production facilities worldwide.
In the new setup going forward, the Schaeffler Group will divide its business activities into four focused divisions: E-Mobility, Powertrain & Chassis, Vehicle Lifetime Solutions and Bearings & Industrial Solutions.
Schaeffler expects – as previously reported – that the merger with Vitesco will lead to revenue and cost synergies with an envisaged EBIT impact of EUR 600 million annually. However, the full synergy potential is expected to be reached for the first time in 2029.
