Schaeffler reports strong growth, partially divests Conti stake

ERJ staff report (DS)

Herzongenaurach, Germany -- Schaeffler Group set new records in sales and operating results in 2010. “2010 was an extremely successful year for Schaeffler Group. With sales of €9.5 billion, up 29 percent, we managed an excellent comeback in 2010,” stated Dr. Juergen M. Geissinger, CEO of Schaeffler Group, at the annual financial press conference in Frankfurt/Main."

In the Automotive division sales increased 34 percent to euro 6,341 million (2009: euro 4,743 million), while sales in the Industrial division rose 20 percent to euro 3,012 million (2009: euro 2,513 million). EBIT of Schaeffler Group increased to euro 1,509 million, resulting in an EBIT margin of 15.9 percent.

The comapny has also agreed a comprehensive refinancing package with its lending banks, which includes the sale of approx. 29.7 million shares in Continental AG at euro 60 per share by M.M.Warburg and Bankhaus Metzler to a broad range of investors.

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Press release (annual results) from Schaffler

Press release (Conti shares and re-financing) from Schaeffler