HERZOGENAURACH, Germany (July 2, 2010)—Schaeffler Group has consolidated its operational businesses and its stake in Continental A.G. under a corporation called Schaeffler GmbH, based in Herzogenaurach.
Under the change, which took effect June 28, 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,” said Maria-Elisabeth Schaeffler, shareholder of Schaeffler Group. “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.”