On October 1, 2024, Schaeffler Group successfully completed the merger of Weipai Technology Group.
The merger will be registered on the same day, marking the formal entry into force of the merger between the two parties.
At the same time, Schaeffler’s non-voting common shares are all converted to common shares with full voting rights.
At this point, Schaeffler successfully completed the merger of Weipai Technology in the fourth quarter of 2024 as planned.
Klaus Rosenfeld, CEO of the Schaeffler Group, said: “with the completion of the merger with Weitai Technology, Schaeffler has opened a new chapter in the development of the company.
Despite the challenging external environment, we successfully completed this complex transaction in less than a year as planned, indicating that the two companies are highly compatible in terms of technology and culture.
We look forward to continuing to collaborate in the future to build a leading technology company focused on driving technology.
” George F.W., chairman of the Schaeffler Group’s family shareholder and supervisory board.
Schaeffler said: “the integration of Schaeffler and Weitai Technology will become more powerful.
The merger lays the foundation for the Schaeffler Group to continue to maintain profit growth in the future.
As a long-term important shareholder of the Schaeffler Group, the Schaeffler family will continue to provide strong support for the development of the Schaeffler Group.
On behalf of my mother, Ms.
Maria-Elizabeth Schaeffler-Tuman, I would like to warmly welcome the outstanding employees of Weitai Technology to join the Schaeffler Group.
” The merger and equity conversion were successfully completed, and according to the exchange ratio specified in the merger agreement, the original shareholders of Weipai Technology will receive 11.
4 newly issued Schaeffler common shares for every one share held by Weipai Technology, with full voting rights.
As part of the conversion of Schaeffler’s equity class, Schaeffler’s previously issued non-voting common shares were converted into fully voting common shares at 1:1.
In the future, all Schaeffler shareholders will hold common shares with full voting rights.
Schaeffler’s new shares with full voting rights were listed on the Frankfurt Stock Exchange on October 2, 2024.
According to the operating conditions of the two companies in 2023, the combined company has annual sales of about 25 billion euros, has about 120000 employees, and has more than 250 branches and more than 100 production facilities worldwide.
According to the new organizational structure, Schaeffler Group will set up four business groups in the future, which will be in a leading position in the market in the corresponding field.
The four major enterprise groups are: electric drive enterprise group, power system and chassis enterprise group, vehicle full-cycle service enterprise group and industrial enterprise group.
In addition, the Schaeffler Group will continue to maintain its previous four regional settings, namely, Europe, America, China and Asia-Pacific.
After the merger, the Schaeffler Group has a strong balance sheet, creating huge economies of scale, and a rich product portfolio covering eight product lines that provide comprehensive solutions to a wide range of customer needs.
As originally expected, the merger of Schaeffler and Wipai will bring synergies in terms of sales and costs, which are expected to generate about 600m euros of earnings before interest and tax (EBIT) annually.
The synergy effect will be realized gradually and the full synergy potential is expected to be realized by 2029.
Enter the integration implementation stage, with the completion of the merger, the integration work of the two sides has been officially launched from October 1st (Day One).
In the past few months, the integration working groups of the two companies have made full preparations for this.
In addition to achieving synergies in terms of sales and costs, the integration will include the merger of processes and IT systems, as well as the establishment of new sales and service models for customers across business groups.
It also includes the consolidation, streamlining and strengthening of existing legal entities in countries where Schaeffler and Weitai Technologies previously operated as their respective legal entities.
Apart from Europe, these countries include China, Mexico, South Korea and India.
In the future, Schaeffler Group will adopt a unified corporate brand name “Schaeffler”, take green as its brand color, and uphold the corporate proposition of “We pioneer motion (innovation-driven, leading the future)”.
The product brand that exists side by side with the Schaeffler enterprise brand will be gradually integrated into the enterprise brand.
After the merger, the Schaeffler Group is still registered and headquartered in Herzogen Aurah.
After the results for the first three quarters are announced on November 5, 2024, Schaeffler will communicate with the capital markets as the combined company.
Schaeffler will announce its 2024 results and targets for 2025 at its annual press conference on March 5, 2025.
In addition, Schaeffler plans to hold a Capital Markets Day (Capital Markets Day) in the second half of 2025 to introduce the combined company’s development strategy to the capital market and the public.
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