Schaeffler and Vitesco Technologies announce strategic business merger
In a significant move within the automotive industry, Schaeffler AG and Vitesco Technologies Group AG have officially signed a business combination agreement, marking a new chapter in their corporate journey. This strategic partnership is set to create a powerful synergy in the automotive sector, leveraging the strengths of both companies.
By joining forces, Schaeffler and Vitesco will be able to complete and broaden their business and technology portfolios along four focused “pure-play” divisions with leading positions in their respective end markets. The combined company will offer a complete range of products, particularly in the area of electrification, to leverage the accelerated growth potential of e-mobility.
As provided in the Schaeffler steering model, the Management Board together with the four regional CEOs will form the Executive Board of the combined company. It is agreed that the strategically particularly important E-Mobility division will be headed by Thomas Stierle, who currently leads Vitesco’s Electrification division.
It was further agreed that the combined company will be named Schaeffler AG. The company’s headquarters will be in Herzogenaurach, Bavaria, Germany. The allocation of the divisional headquarters will be further discussed between the parties.
The agreement, which is subject to approval by the German Federal Financial Supervisory Authority, is a pivotal step for both Schaeffler and Vitesco Technologies. Investors and stakeholders are advised to refer to the official offer document for detailed information regarding the terms and conditions of this partnership.
This merger is being executed in strict compliance with the laws of the Federal Republic of Germany, particularly the German Securities Acquisition and Trading Act, and relevant United States securities laws applicable to cross-border tender offers.
The partnership between Schaeffler and Vitesco Technologies is a testament to their commitment to innovation and growth in the automotive industry. This collaboration is expected to bring about significant advancements in automotive technology and services, benefiting customers and stakeholders globally.
Both companies have a strong focus on forward-thinking strategies and are dedicated to exploring new opportunities in the evolving automotive landscape. This merger is anticipated to enhance their competitive edge in the global market, fostering innovation and excellence in their offerings.
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