Schaeffler sets up subsidiary to absorb Continental

ERJ staff report (DS)

Herzogenaurach, Germany -- The Schaeffler Group has consolidated its operational businesses and its stake in Continental AG under a corporation called Schaeffler GmbH based in Herzogenaurach. The move was effective from 28 June 2010

Schaeffler GmbH will function as a management holding for the operational businesses of the Schaeffler Group. It is wholly owned by the Schaeffler family.

“The conversion into a corporation is a very significant step for us towards the capital market. It provides the Schaeffler Group with greater strategic flexibility. In doing so we will preserve the values, which we stand for as a family-owned business”, said shareholder of the Schaeffler Group Maria-Elisabeth Schaeffler.

This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.

Press release from Schaeffler