Schaeffler AG's Annual General Meeting Approves Merger with Vitesco Technologies

The Annual General Meeting of Schaeffler AG officially sanctioned the merger with Vitesco Technologies Group Aktiengesellschaft. Set to complete in the fourth quarter of 2024, this move is seen as a strategic enhancement to Schaeffler’s capabilities in motion technology. Schaeffler AG, during its recent virtual meeting attended by 626 participants, also agreed on a dividend of 45 eurocents per non-voting common share for the fiscal year 2023.

In related developments, Horst Ott, the District Manager of the IG Metall union in Bavaria, was appointed to Schaeffler’s Supervisory Board. This announcement came following Jürgen Wechsler’s retirement. Looking forward, CEO Klaus Rosenfeld highlighted significant preparations already underway for integrating Vitesco into Schaeffler, focusing on important organizational and operational frameworks to pave the way for the 2025 financial year, which will mark the first fully integrated year for the newly expanded entity.

The merger, previously backed by Vitesco’s shareholders, signifies a burgeoning chapter for Schaeffler in leading the "Motion Technology" industry. Despite a challenging economic backdrop, Schaeffler has maintained its competitive edge, particularly within its Automotive Technologies division, which has seen substantial order intake in e-mobility reaching over five billion euros in 2023.