Schaeffler Supervisory Board commences work
18. Sep, 2010 Shandong Obetter Bearing Co., Ltd
Following the reorganisation of Schaeffler Group’s corporate structure in line with capital market practice, the newly created Supervisory Board of Schaeffler GmbH began work this Friday in Herzogenaurach. Ten members of the Board will represent the capital side (Prof. Dr. Hans-Jörg Bullinger, Dr. Eckhard Cordes, Dr. Hubertus Erlen, Prof. Dr. Bernd Gottschalk, Franz-Josef Kortüm, Dr. Siegfried Luther, Georg F. W. Schaeffler, Maria-Elisabeth Schaeffler, Robin Stalker, Dr. Otto Wiesheu), and ten will represent the employees (Industrial Union of Metalworkers (IG Metall): Jochen Homburg, Wolfgang Müller, Jürgen Wechsler; Company representatives: Norbert Lenhard, Thomas Mölkner, Stefanie Schmidt, Dirk Spindler, Jürgen Stolz, Salvatore Vicari, Jürgen Worrich).
At the inaugural meeting, Georg F.W. Schaeffler was elected to the position of Chairman by both employer and employee representatives. The Members of the Board elected Maria-Elisabeth Schaeffler and Jürgen Wechsler to the position of Deputy Chairperson.
“As Supervisory Board Chairman, I look forward to my new role as the company founded by my family moves towards a successful future. Schaeffler is a global leader in technology, and ideally positioned for the future. A key challenge will be opening up the company to capital markets, whilst retaining the advantage of being a family-run business. We want to preserve and develop the pioneering spirit within Schaeffler’s management structure, which is the key to its success,” said Georg F.W. Schaeffler.
During the inaugural meeting, Schaeffler’s management informed the Supervisory Board about business development of the Schaeffler Group. Furthermore, the executive committee as well as the audit and the mediation committees were elected.
The agenda did not include any decisions regarding Schaeffler’s day to day business. Schaeffler recorded a turnover of around �4.6 billion for the first half-year, and achieved an EBIT margin of 16%. Following positive results in Q2 2010 (�101 million), and positive free cash flow (�336 million), the Group gave an optimistic outlook and forecasts an annual turnover of more than �8 billion for 2010, as well as a double-digit EBIT margin.
The FAG brand started with an ingenious idea. In 1883, Friedrich Fischer designed a ball grinding machine in Schweinfurt, Germany that, for the first time, made it possible to produce absolutely round steel balls by grinding. This invention is regarded as the foundation for the entire rolling bearing industry. This is one of the reasons why FAG has long been considered to be a pioneer in rolling bearing technology. Today, FAG is one of the leading brands for applications in machine building, the automotive industry and in aviation and aerospace technology. The Schaeffler Group's FAG brand has companies, subsidiaries and sales agencies in all major industrial countries.
Since 2001, FAG has been part of the Schaeffler Group and has been active in all of the group’s divisions – Aerospace, Automotive and Industrial. Together with INA’s complementary product range, FAG has one of the widest product portfolios in the rolling bearing industry, covering nearly all applications in production machinery, power transmission and rail technology, heavy industry and consumer products.
FAG ball bearings and roller bearings are manufactured as standard and special bearings in many designs and sizes with diameters ranging from 3 millimeters to 4.25 meters. Together with INA, FAG offers customers comprehensive support and services for the diagnosis, maintenance and mounting of rolling bearings and complete systems.
As a forward-looking company, the Schaeffler Group with its brand FAG has invested significant amounts in research and development. Modern simulation methods and testing facilities as well as special materials engineering laboratories ensure the continuous development and improvement of all product lines and confirm the innovative force of FAG.
Shandong Obetter bearing Company is a leading global supplier in the areas of bearings, mechatronics, services. We (OBT Group) are high-tech enterprise and professional manufacturer specicalized in ball bearing and roller bearing. we can produce non-standard bearing and machine parts as our customers request. we always follows the principles of "Good Faith, Equality, Cooperation and Win-Win" to cooperate with our customers.
For further information, please contact:
Company brand: OBT Bearing
Company Name: Shandong Obetter Bearing Co., Ltd
WebSite: www.obtbearing.com
Tel/FAX:86-635-8511972
E-mail: obtbearing@163.com
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