Schaeffler completes Vitesco takeover

The merger of Vitesco into Schaeffler became effective with the final entry of the transaction in Schaeffler’s commercial register at the beginning of October. The deal was already announced at the end of 2023 when Schaeffler held just under 80 per cent of the Vitesco shares.

With the merger now completed, Vitesco shares will be exchanged for new Schaeffler common shares with full voting rights at a ratio of 1:11.4, as Schaeffler announced. Schaeffler non-voting common shares converted into common shares with full voting rights at a ratio of 1:1

The merger also marks the start of the integration implementation, which has been in preparation since the beginning of the year. Former Vitesco manager Thomas Stierle will head the new Schaeffler E-Mobility. Jochen Schröder, who previously held this position for Schaeffler, will assume the role of Regional CEO of Europe. Schaeffler says that as a combined company, it has “a strong balance sheet, significant economies of scale and a comprehensive product portfolio.”

With the new set-up, the Schaeffler Group will divide its business activities into four focussed divisions: E-Mobility, Powertrain & Chassis, Vehicle Lifetime Solutions and Bearings & Industrial Solutions. In addition, the Schaeffler Group will divide its business into four regions – Europe, Americas, Greater China and Asia/Pacific – which will continue to operate as before.

“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,” says Klaus Rosenfeld, CEO of Schaeffler. “We look forward to our continued cooperation. Together, we will create a leading Motion Technology Company.”

The company assumes that the merger will lead to sales and cost synergies with an impact on earnings totalling 600 million euros per year. However, this also means that jobs will be cut – some functions are now double. Rosenfeld already confirmed that in an interview, adding: “I cannot say the exact dimensions at this point in time.”

schaeffler.de (merger), schaeffler.de (management)