Schaeffler India Limited announces Q2and Half yearly results for the period ended June 30, 2020

·         All plants and warehouses are operational and catering to the market demand as per order book ·         All operations being carried out following strict adherence to safety guidelines

Pune|24 July 2020|Leading industrial and automotive supplier, Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER) today announced that the Board of Directors approved the results for the second quarter and half year, ended June30, 2020.

April – June 2020 (Second quarter)

·         Total revenue from operations (net) for the quarter was INR 4,389 million, lower by 52.7% than the preceding quarter and 60.7% lower than the corresponding quarter of 2019.

PBT (before exceptional items) for the quarter was INR -567 million.

January – June 2020 (Half year)

·         Total revenue from operations (net) for the six monthsperiod was INR 13,674 million, lower by 40.3%  than the corresponding period of 2019.

PBT (before exceptional items) for the period was INR 534 million.

Commenting on the results and financial performance of the Company, Mr. Harsha Kadam, Managing Director, said, “The economy and market has just survived a high  magnitude pandemic effect. After a full month of lockdown in April, and a staggered resumption of operational activity in May and June, we could manage to curtail our effective production loss to 52 days during the quarter as against a prolonged nationwide lockdown .  This impacted the operational performance significantlyand thereby resulted into a loss situation during the quarter. While it is not possible to predict normalization of market and economy, our efforts are aimed towards responding to crisis with agility and ensuring business continuity without losing sight of the future. We have managed to weather the storm and demonstrated that our fundamentals are strong.  While slow demand still continues, we are looking at a betterH2 2020 against the challenges ahead“.

About Schaeffler India Limited

Schaeffler has been present in India for over 50 years. With 3 well known product brands LuK, INA and FAG, 4 manufacturing plants and 10 sales offices, Schaeffler has a significant presence in India. Schaeffler is among the largest Industrial and Automotive supplier with sales of INR 43.6 billion in 2019 and around 3,000 employees. The manufacturing plants in Maneja and Savli (Vadodara), produce a vast range of ball bearings, cylindrical roller bearings, spherical roller bearings and wheel bearings that are sold under the brand name of FAG. The plant at Talegaon near Pune, manufactures engine and powertrain components for front accessory drive system, chain drive systems, valve train, gear shift systems and a range of needle roller bearings and elements, under the brand INA. The fourth manufacturing location is based out of Hosur, producing a wide range of clutches and hydraulic clutch release systems for passenger cars, light commercial vehicles, heavy commercial vehicles and tractors sold under the brand of LuK. Schaeffler also has the largest after-market networks serving the industrial and automotive customers. All of this is backed by dedicated engineering, research and development support based in India in support of product teams.

Schaeffler India continues to contribute towards skill development of India’s youth

·    As part of Schaeffler India’s HOPE CSR program; STEP and NITARA initiatives have contributed towards skilling of over 550youth from disadvantaged socio-economic communitiesaround Pune, Vadodara and Hosur, for a better livelihood and respect in society

·    Run as per recommendations of National Skill Development Corporation (NSDC), the initiatives aim to empower India’s youth with industry ready skills for employability, in line with government’s ‘Skill India’ mission

Pune | July 14, 2020|Schaeffler India, leading industrial and automotive supplier (BSE: 505790, NSE: SCHAEFFLER) reiterated their commitment towards skilling on World Youth Skill Day(July 15, 2020) by sharing their contribution to the under-privileged youth of India through their skill development initiatives, STEP and NITARA, which are part of the company’s HOPE CSR program.

On the occasion of World Youth Skills Day, Mr. Santanu Ghoshal, VP – HR and Head - CSR, Schaeffler India said “On this occasion of the World Youth Skills Day, it gives us immense satisfaction to recapitulate our small but earnest contribution towards skilling the youth of India. It further motivates us to continue to invest in programs like STEP and NITARA to ensure that Schaeffler’s contribution makes a difference to the society.  As an organization Schaeffler is a strong believer of honing the right kind of skill sets and has been a passionate contributor along the lines of the ‘Skill India‘ mission.”

Nearly400 beneficiaries under Schaeffler Technical Enhancement Program (STEP) in Pune and Hosur

Schaeffler India’s STEP initiative was launched in 2018, as an endeavour to improve employability of India’s vast workforce and thereby create a talent pool that is creative, skilled and have the right attitude. The program is aimed at empowering promising underprivileged youth, in the age group of 18-35 years, with new age technical training in modern automotive and industrial technologies and soft skills in order to make them industry ready, employable and self-reliant.  As part of the initiative, Schaeffler India identifies and trains students at three of its state-of-the-art STEP training centres:

• Two STEP centres in Pune i.e Talegaon and Chinchwad in collaboration with Don Bosco Technical Training Institute, train the students in industry relevant skills such as CNC Programming, Hydraulics & Pneumatics, Turning & Milling simulations and Automotive Locktronics. Collectively, these centres have contributed to the skilling of around195 beneficiaries till date.
• Inaugrated in  2019, in collaboration with SkillSonics, the STEP centre in Hosur, Tamil Nadu has been providing industry-aligned skills such as CNC Machinist and Mechatronics. The centre has contributed to skilling of over 200 beneficiariestill date.
• The training programs are run as recommended by the National Skill Development Corporation (NSDC) by the Ministry of Skill Development. Students are awarded with NSDC certification after successful completion of their courses.

179 beneficiaries skilled atNitara Beauty Academy & Salon in Vadodara, Gujarat

Run under the umbrella of Schaeffler India’s HOPE CSR program, the Nitara Beauty Academy & Salon, located in Vadodara, Gujarat is Schaeffler India's skilling initiative aimed at fulfilling the aspirations of differently-abled and underprivileged girls, making them self-reliant and helping build careers in the growing beauty and wellness industry. Till date, around 179 beneficiaries have been trained at the NITARA Academy.

Similar to the STEP initiative, candidates not only get NSDC certification under the Ministry of Skill Development & Entrepreneurship at the end of a six-month training course, but also get support in getting placements.

Schaeffler India remains commited in its endeavor to transform India’s skilling domain and empower lesser-privileged youththrough education, skilling and employability

Schaeffler India is commited in its endeavor to transform the skilling domain in India and empower India’s less privileged youth through education and skilling for employability. Besides the STEP and NITARA initiatives which are aimed primarily towards skilling, Schaeffler India also supports a few schools in Gujarat and Maharashtra to ensure that underprivileged and disabled children from remote villages do not miss out on education. Additionally, Schaeffler India also runs the HOPE Engineering Scholarship Program to encourage talented underprivileged students to pursue a career in the fields of science and engineering.

Schaeffler India as a part of its CSR program has consolidated its activities and focus exclusively on a few core areas which will make a meaningful impact on the community and make a difference. HOPE is Schaeffler India’s umbrella initiative encompassing the values, vision and mission of the organization. Through this initiative Schaeffler India strives to contribute, to the motto \'सर्वेभवन्तुसुखिनः\' (May everyone be happy). It is derived from the four core areas of focus – Healthcare, Occupational skill, Preservation of national heritage, art & culture and Empowerment of society. Under HOPE, Schaeffler India runs a number of initiatives for the four focus areasAbout HOPE

About Schaeffler India Limited

Schaeffler has been present in India for over 50 years. With 3 well known product brands LuK, INA and FAG, 4 manufacturing plants and 8 sales offices, Schaeffler has a significant presence in India. Schaeffler is among the largest Industrial and Automotive supplier with sales of INR 43.6 billion in 2019 and around 2800 employees. The manufacturing plants in Maneja and Savli (Vadodara), produce a vast range of ball bearings, cylindrical roller bearings, spherical roller bearings and wheel bearings that are sold under the brand name of FAG. The plant at Talegaon near Pune, manufactures engine and powertrain components for front accessory drive system, chain drive systems, valve train, gear shift systems and a range of needle roller bearings and elements, under the brand INA. The fourth manufacturing location is based out of Hosur, producing a wide range of clutches and hydraulic clutch release systems for passenger cars, light commercial vehicles, heavy commercial vehicles and tractors sold under the brand of LuK. Schaeffler also has the largest after-market networks serving the industrial and automotive customers. All of this is backed by dedicated engineering, research and development support based in India in support of product teams.

Schaeffler India supports the fight against COVID-19 pandemic

§Company procured critical health equipment for government run hospital in Pune

§  Employees donate part of their salaries and the company matches amount to PM CARES fund

Pune | May 18, 2020 | Schaeffler India, leading industrial and automotive supplier (BSE: 505790, NSE: SCHAEFFLER) today, shared the details of the company’s contribution towards fighting the ongoing COVID-19 pandemic. Schaeffler India took two major initiatives in joining the support – procurement of emergency health equipment for a government run hospital in Pune and voluntary donation of a part of salaries by employees, with the company matching an equivalent amount.

Procurement of emergency medical equipment worth INR 6 million

Schaeffler procured and donated emergency medical equipment and essentials for a government run hospital (Aundh hospital) in Pune city. The Aundh Hospital that specializes in treating diseases related to the respiratory system has been identified as a dedicated COVID-19 hospital by the ministry. It is a 300-bed facility, with allocation of 50-beds to their isolation ward to treat COVID 19 patients and 10 beds to the ICU facility. The equipment and essentials provided by Schaeffler India has significantly improved its capacity to fight against COVID 19 pandemic and treatment of patients.

Donation to PM CARES Fund

In addition, employees voluntarily donated a part of their April salaries, while the company matched the amount to contribute to PM CARES fund set up by the government. The total amount contributed by employees and the company was INR 12.70 million.

Mr. Santanu Ghoshal, VP – HR and CSR, Schaeffler India said, “These are difficult times and its heart wrenching to think of the daily wage earners and their plight. We were determined to contribute to the PM Care Fund as an organization. I am happy to see that each and every employee of Schaeffler India has come forward to contribute to the fund and together as an organization we have been able to support the government initiative.”

He also added that, “We feel fortunate to be able to help Aundh Hospital and would like to thank Zilla Ruganalay Aundh for giving us the opportunity to support and serve the city.  Aundh hospital is doing a commendable job at treating the less privileged patients without any cost. I want to take this opportunity to sincerely thank all the doctors, nurses and healthcare workers on behalf of Schaeffler. They are the front-line fighters and this is the least we can do to support the system.”

Schaeffler India has been continuously reaching out far and wide to contribute to human progress and positively touch the lives of the surrounding communities. Through their flagship CSR initiative called HOPE, which stands for Healthcare, Occupation Skills for Employability, Preservation of National Heritage, Art and Culture and Empowerment of Society.

Schaeffler India as a part of its CSR program has consolidated its activities and focus exclusively on a few core areas which will make a meaningful impact on the community and make a difference. HOPE is Schaeffler India’s umbrella initiative encompassing the values, vision and mission of the organization. Through this initiative Schaeffler India strives to contribute, to the motto \'सर्वेभवन्तुसुखिनः\' (May everyone be happy). It is derived from the four core areas of focus – Healthcare, Occupational skill, Preservation of national heritage, art & culture and Empowerment of society. Under HOPE, Schaeffler India runs a number of initiatives for the four focus areas. About HOPE

About Schaeffler India Limited

Schaeffler has been present in India for over 50 years. With 3 well known product brands LuK, INA and FAG, 4 manufacturing plants and 11 sales offices, Schaeffler has a significant presence in India. Schaeffler is among the largest Industrial and Automotive supplier with sales of INR 43.6 billion in 2019 and around 2800 employees. The manufacturing plants in Maneja and Savli (Vadodara), produce a vast range of ball bearings, cylindrical roller bearings, spherical roller bearings and wheel bearings that are sold under the brand name of FAG. The plant at Talegaon near Pune, manufactures engine and powertrain components for front accessory drive system, chain drive systems, valve train, gear shift systems and a range of needle roller bearings and elements, under the brand INA. The fourth manufacturing location is based out of Hosur, producing a wide range of clutches and hydraulic clutch release systems for passenger cars, light commercial vehicles, heavy commercial vehicles and tractors sold under the brand of LuK. Schaeffler also has the largest after-market networks serving the industrial and automotive customers. All of this is backed by dedicated engineering, research and development support based in India in support of product teams.

Schaeffler reports robust earnings and strong free cash flow for 1st quarter 2020

§  Revenue down 9.2 percent at constant-currency due to the coronavirus crisis – EBIT margin before special items at 6.5 percent (prior year 7.5 percent)

§  Automotive Aftermarket and Industrial divisions improve EBIT margins, significant decline at Automotive OEM

§  Strong free cash flow before cash in- and outflows for M&A activities

§  Good liquidity position, countermeasures, and high-quality balance sheet strengthen crisis management

§  Specific guidance for 2020 currently still not possible

HERZOGENAURACH | May 07, 2020 | Global automotive and industrial supplier Schaeffler presented its interim report for the first three months of 2020 today. The Schaeffler Group’s revenue for the reporting period amounts to 3,282 million euros (prior year: 3,622 million euros). At constant currency, revenue for the period decreased by 9.2 percent, mainly driven by volumes. Revenue declined in all four regions during the first quarter. The decrease at constant currency amounted to 11.2 percent in the Greater China region, 10.4 percent in Europe, 9.3 percent in Asia/Pacific, and 6 percent in the Americas region.

The Schaeffler Group generated 215 million euros (prior year: 272 million euros) in EBIT before special items for the first three months, representing an EBIT margin before special items of 6.5 percent (prior year: 7.5 percent). The decline from the prior year was primarily attributable to the decrease in gross margin. The margin decrease was mainly driven by the adverse impact of volumes on fixed costs.

EBIT for the reporting period was adversely affected by 302 million euros (prior year: 42 million euros) in special items. These included an impairment of goodwill allocated to the Automotive OEM division by EUR 249 million, since the coronavirus pandemic has led to increased uncertainty regarding the development of Schaeffler Group’s business going forward. Special items additionally comprise 53 million euros in expenses incurred to expand the programs RACE and FIT, especially in connection with reducing headcount. The resulting EBIT amounted to ‑88 million euros (prior year: +230 million euros).

Automotive OEM revenue down 12 percent, Q1 outperformance 11 percentage points

The Automotive OEM division generated 2,008 million euros in revenue (prior year: 2,285 million euros) for the first three months. At constant currency, revenue decreased by 12 percent from the prior year, mainly driven by volumes. The drop in revenue was primarily caused by the impact of the coronavirus pandemic, which considerably weakened automotive sector demand, lowering Automotive OEM division demand as well. Global automobile production for the first quarter was significantly affected by temporary production shutdowns and declined by 23 percent in the first three months of 2020. Automotive OEM division outperformance was a considerable 11 percentage pointson that basis.

As a result of the coronavirus crisis, revenue declined in all four regions. In the Europe region, revenue fell by 13.5 percent at constant currency. The Americas region reported 5.2 percent less revenue at constant currency. The constant-currency revenue decline in the Greater China region was 22.8 percent. In the Asia/Pacific region, revenue was down 7.3 percent at constant currency.

The Schaeffler Group earned 50 million euros (prior year: 113 million euros) in EBIT before special items in the first quarter. This resulted in an EBIT margin before special items of 2.5 percent for the period, significantly less than the 4.9 percent EBIT margin reported in the prior year. The decline was primarily attributable to the lower gross margin that resulted from the adverse impact of volumes on fixed costs.

Automotive Aftermarket revenue up 1.5 percent, EBIT margin at 17.1 percent (adjusted)

The Automotive Aftermarket division reported an increase in revenue for the reporting period of 1.5 percent at constant currency to 446 million euros (prior year: 443 million euros) as a result of considerable revenue growth in the Europe region, the region generating the highest revenue by far. The favorable revenue trend in Europe more than offset the revenue decline in the remaining three regions. The additional 5.6 percent in revenuein Europe, at constant currency, was primarily attributable to the encouraging performance of the Independent Aftermarket business (IAM) in the Central and Eastern Europe subregion. In the Western Europe subregion, measures to contain the coronavirus significantly weakened the Independent Aftermarket business. The revenue increase in Europe contrasted with a 4.7 percent decline in revenue in the Americas region, largely driven by the decline in IAM business revenue in the South America subregion. The OES business (Original Equipment Service) in the U.S., on the other hand, grew – its revenue rose considerably due to increased requirements. The Greater China region saw its revenue fall sharply by 24.9 percent at constant currency, while revenue in the Asia/Pacific region was down 9.9 percent.

These developments resulted in EBIT before special items of 76 million euros (prior year: 69 million euros), representing an EBIT margin before special items of 17.1 percent (prior year: 15.5 percent). The improvement over the prior year is primarily attributable to the increased gross margin and improved functional cost structure. The division’s gross margin rose as a result of higher sales volumes and benefited from a change in product mix.

Industrial division revenue down 7.5 percent, EBIT margin at 10.7 percent (adjusted)

The Industrial division generated 828 million euros (prior year: 893 million euros) in revenue in the first quarter in a challenging market environment. At constant currency, revenue declined by 7.5 percent. Especially the Europe, Americas, and Asia/Pacific regions reported considerable crisis-related declines in revenue for the first quarter of 2020. In contrast, a double-digit growth rate wasreported by the Greater China region, where particularly the wind sector cluster expanded considerably. The power transmission and raw materials sector clusters contributed to growth as well. The region’s constant-currency revenue growth amounted to 21.4 percent, while revenue was down 15 percent in the Europe region,14.1 percent in Asia/Pacific, and 9.5 percent in the Americas region.

The Industrial division generated approximately 88 million euros (prior year: 90 million euros) in EBIT before special items for the first quarter, representing an EBIT margin before special items of 10.7 percent (prior year: 10.1 percent). The favorable margin trend benefited from the stable gross margin, among other things. The adverse impact of volumes on fixed costs was more than offset, in part by the favorable impact of pricing.

Strong free cash flow before cash in- and outflows for M&A activities

Net income attributable to shareholders before special items decreased considerably during the first quarter of 2020 compared to the prior year period, amounting to 103 million euros (prior year: 169 million euros). Net income (loss) was -184 million euros (prior year: +137 million euros). Earnings per common non-voting share were -0.27 euros (prior year: +0.21 euros).

Free cash flow before cash in- and outflows for M&A activities for the first quarter of 137 million euros was considerably ahead of the prior year reporting period (‑235 million euros). Capital expenditures (capex) on property, plant and equipment and intangible assets for the first three months of 164 million euros were considerably below the prior year level (373 million euros), representing a capex ratio of 5.0 percent of revenue (prior year: 10.3 percent).

The group’s net financial debt declined to 2,414 million euros as at March 31, 2020. The gearing ratio, i.e. the ratio of net financial debt to shareholders’ equity, rose slightly to 93.8 percent (December 31, 2019: 86.6 percent).

The group employed a total of 86,548 people at the reporting date (December 31, 2019: 87,748), a decline of 1.4 percent.

Good liquidity position, countermeasures, and high-quality balance sheet strengthen crisis management

The impairment of goodwill in the Automotive OEM division reduces the risk of further impairments in the balance sheet. By taking this conservative approach to valuation, the Schaeffler Group has responded to the increase in uncertainty regarding the division’s future course of business as a consequence of the coronavirus pandemic, thus improving the quality of its balance sheet.

Additionally, the Schaeffler Group continued or initiated measures to further lower the group’s costs during the reporting period, partly in response to the coronavirus crisis, such as introducing short-time work, using up vacation days and hours in time accounts, imposing hiring freezes, scaling down trade show participation, cutting the marketing budget, and temporarily closing plants.The Board of Managing Directors also decided to increase the number of jobs to be included in the voluntary severance scheme in Europe from 1,300 to 1,900.

Furthermore, the Schaeffler Group has additionally bolstered its liquidity position by issuing a Green Schuldschein totaling approximately 350 million euros as communicated on April 9, 2020. “The Schaeffler Group has a very comfortable liquidity position. We had already increased end of last year the existing Revolving Credit Facility from 1.5 billion euros to now 1.8 billion euros and obtained further new bilateral lines of credit totaling 200 million euros back in mid-December 2019. Our next significant maturities are not due until 2022,” said Dietmar Heinrich, CFO of Schaeffler AG.

Specific guidance for 2020 currently still not possible

On March 24, 2020, the Board of Managing Directors of Schaeffler AG suspended the full-year guidance for 2020 for the Schaeffler Group and its divisions that had been published on March 10, 2020, due to the worldwide spread of the coronavirus pandemic and the resulting implications for the company’s results of operations. Currently, neither the further course of the pandemic nor its economic implications can be reliably estimated. The Schaeffler Group currently expects its revenue growth at constant currency, EBIT margin before special items, and free cash flow before cash inflows and outflows for M&A activities for the full year 2020 to be below the corresponding prior year level.

“The coronavirus pandemic confronts us with unprecedented challenges. Our results for the first quarter of 2020 are robust. The positive development of our free cash flow is particularly encouraging. We are reaping the benefits of having started to proactively manage our capital expenditures and working capital last year. Combined with our comfortable liquidity position and the high quality of our balance sheet, we are confident that we will successfully overcome the current crisis. The second quarter will be difficult. We will continue to consistently carry out the countermeasures we have put in place,” stated Klaus Rosenfeld, CEO of Schaeffler AG.

Forward-looking statements and projections

Certain statements in this press release are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. No one undertakes any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You should not place any undue reliance on forward-looking statements which speak only as of the date of this press release. Statements contained in this press release regarding past trends or events should not be taken as representation that such trends or events will continue in the future. The cautionary statements set out above should be considered in connection with any subsequent written or oral forward-looking statements that Schaeffler, or persons acting on its behalf, may issue.

About Schaeffler

The Schaeffler Group is a leading global supplier to the automotive and industrial sectors. The portfolio includes high-precision components and systems for engine, transmission, and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications. The Schaeffler Group is already shaping “Mobility for tomorrow” to a significant degree with innovative and sustainable technologies for electric mobility, digitalization, and Industry 4.0. The technology company generated sales of approximately 14.4 billion euros in 2019. With around 86,500 employees, Schaeffler is one of the world’s largest family companies and, with approximately 170 locations in over 50 countries, has a global network of manufacturing locations, research and development facilities, and sales companies. With just under 2,400 patent applications in 2019, Schaeffler is Germany’s second most innovative company according to the DPMA (German Patent and Trademark Office)

Former ambassador Dr. Peter Wittig joins Schaeffler to head newly established unit Global Affairs

-Schaeffler establishes new unit Global Affairs

-Dr. Peter Wittig takes over the set up and management of the new unit

-Christian Maaß retires end of April

Former ambassador Dr. Peter Wittig joins Schaeffler to head newly established unit Global Affairs

Herzogenaurach| Berlin | April 30, 2020 | Schaeffler, the global automotive and industrial supplier has recruited the diplomat Dr. Peter Wittig to head its newly created unit Global Affairs. After retiring from active service in the German Foreign Office this year, Dr. Wittig will join the Schaeffler Group on May 1^st, 2020. His place of employment is Berlin.

The top German diplomat can look back on a wide-ranging international career. Since joining the Foreign Service in the 1980s he has served in numerous assignments in conflict regions in Europe, the Middle East and in multilateral diplomacy. From 2009 to 2014 he represented Germany at the United Nations in New York, including two years on the Security Council, the highest body in world politics. He then moved to Washington as ambassador, where he represented German interests during the Obama and Trump presidencies. Protectionism, trade conflicts and sanctions laws became a focus of his work there. In 2018 he was sent to London as ambassador - under the sign of Brexit the most important crisis post in Europe.

"We are very pleased that we have been able to recruit Dr. Wittig, an internationally very experienced diplomat, for the Schaeffler Group. He will advise and support the Executive Board of Schaeffler AG in adapting the Schaeffler Group to the emerging changes", said Georg F.W. Schaeffler, family shareholder and Chairman of the Supervisory Board of Schaeffler AG.

Klaus Rosenfeld, CEO of Schaeffler AG, added: "The coming years will become very challenging for us as an automotive and industrial supplier with global reach. In this environment the understanding of political developments and global risks is becoming increasingly important. With Dr. Wittig, an outstanding expert in this field is joining us".

In his new role, Dr. Peter Wittig reports directly to Klaus Rosenfeld. The new unit Global Affairs will include, in addition to political communication and the coordination of associations, a newly created function “Global Risks”, which will be dedicated to the analysis of global risks and macroeconomic developments. The third pillar of this unit will focus on the public funding of technology, innovation and research. While the functional responsibility for these areas will remain with the respective members of the Executive Board, the newly created unit will take responsibility for the coordination of the activities for all four regions of Schaeffler Group.

Christian Maaß, the longstanding head of the Berlin representative office, will retire on April 30, 2020. He had overseen the Berlin office since 2015 as the authorized representative of the Management Board. His successor will be announced shortly.

"In the recent years Mr. Maaß has represented the interests of the Schaeffler Group in an excellent manner and has promoted cooperation with decision-makers from politics and associations in a very constructive manner. We thank Mr. Maaß for his great commitment and wish him all the best for his well-deserved retirement," said Klaus Rosenfeld, CEO of Schaeffler AG.

Dr. Peter Wittig is the new Head of Global Affairs at the Schaeffler Group.

About Schaeffler

The Schaeffler Group is a leading global supplier to the automotive and industrial sectors. The portfolio includes high-precision components and systems for engine, transmission, and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications. The Schaeffler Group is already shaping “Mobility for tomorrow” to a significant degree with innovative and sustainable technologies for electric mobility, digitalization, and Industry 4.0. The technology company generated sales of approximately 14.4 billion euros in 2019. With around 87,700 employees, Schaeffler is one of the world’s largest family companies and, with approximately 170 locations in over 50 countries, has a global network of manufacturing locations, research and development facilities, and sales companies. With just under 2,400 patent applications in 2019, Schaeffler is Germany’s second most innovative company according to the DPMA (German Patent and Trademark Office)

Schaeffler subsidiary Compact Dynamics selected as exclusive FIA supplier from 2022 to 2024

 -Compact Dynamics to supply hybrid system for FIA World Rally Championship (WRC)

           -Schaeffler and Compact Dynamics benefit from longstanding and successful collaboration in innovative, high-performance electric drives

Herzogenaurach/Starnberg | April 24, 2020 | Compact Dynamics, a Starnberg, Germany-based wholly owned subsidiary of global automotive and industrial supplier Schaeffler, has been appointed by the FIA World Motor Sport Council as the exclusive supplier of the hybrid system to be used in the FIA World Rally Championship (WRC). The innovative hybrid technology will be used in the new Rally1 vehicle category for an initial period of three years, starting with the 2022 season. Compact Dynamics was selected following an extensive tendering process that drew a strong field of bids from the world’s leading suppliers. The company’s high-performance P3-topology hybrid system accommodates the motor-generator unit, control unit and battery in an extremely compact design envelope, thereby delivering maximum power density and meeting the FIA’s exacting requirements. The battery for the hybrid system is supplied by Compact Dynamics partner Kreisel Electric, based in Rainbach, Germany. Development work on the hybrid system for the FIA is already underway, and initial vehicle testing is planned for 2021.

“We are extremely proud of Compact Dynamics’s appointment as an exclusive FIA supplier,” commented Dr. Jochen Schröder, President of Schaeffler’s E-Mobility business division. “Compact Dynamics has been working with us since 2015 to develop the electric race-car drives that go with various other Schaeffler components in the highly successful systems we have been supplying for FIA Formula E vehicles. The know-how we gain from our involvement in motor sport feeds directly into the production-ready development of new technologies in areas such as electric axles, hybrid transmissions and electric motors for electric drive systems. Our involvement in the FIA World Rally Championship will further enhance this effect.”

Compact Dynamics Managing Director Oliver Blamberger shares this sentiment. “We are a specialist developer and supplier of innovative electric drive systems with key strengths in high-performance drives. Over the years, this has enabled us to carve out a niche in motor sport series such as FIA Formula 1, LeMans Prototype Class 1 and FIA Formula E. Our appointment by the FIA World Motor Sport Council is another milestone in this success story. We are delighted at this opportunity to prove the performance of our products at the highest level of rally car racing.”

Development work on the high-performance P3-topology hybrid system for the FIA is already underway.

Schaeffler India takes enforcement action against counterfeit products

Takes definitive steps to seize fake products in Kashmere Gate – New Delhi

New Delhi, November 22, 2019 – Leading industrial and automotive supplier, Schaeffler India Ltd (BSE: 505790, NSE: SCHAEFFLER) (Formerly FAG Bearings India Ltd) has taken enforcement action and conducted raids along with the local police and seized approximately INR 28 lakhs worth of counterfeit products in the Kashmere Gate area in New Delhi.  The seizure includes fake bearings and fake product packaging. These counterfeit products were being sold by small time traders and retailers under the company’s brand of FAG.

Mr. Harsha Kadam, CEO, Schaeffler India said, “The Schaeffler Group has zero tolerance policy towards all cases of product and brand piracy with its primary aim being to protect its customers’ interests. A counterfeit bearing can cause significant financial losses and also pose a risk to life as they do not meet the quality requirements of genuine bearings from market leaders. To maintain trust with our customers and to protect our reputation and brand, we are very vigilant for the authenticity of our products. We will continue to undertake similar measures, to combat counterfeiting in future”.

In 2004, Schaeffler set up a central department for fighting product and brand piracy. Since then the company’s Brand Protection Team has handled several thousand cases in Asia as well as many major counterfeiting offences in other parts of the world.

To protect buyers and end clients procuring Schaeffler products from distributors, Schaeffler has assessed and certified sales partners worldwide. All authorized distributors are listed on the Schaeffler website and can be checked by entering the certificate number. In addition, to authenticate Schaeffler products, the company has also launched an app – OriginCheck. The app gives end customers, distributors, and authorities the tools they need to quickly and easily carry out initial checks on INA and FAG products. The checks are carried out based on the traceable data matrix codes that are placed on the Schaeffler packaging.

About Schaeffler India Limited

Schaeffler has been present in India for over 50 years. With 3 well known product brands LuK, INA and FAG, 4 manufacturing plants and 19 sales offices, Schaeffler has a significant presence in India. Schaeffler is among the largest Industrial and Automotive supplier with sales of INR 45.6 billion in 2018 and around 3,000 employees. The manufacturing plants in Maneja and Savli (Vadodara), produce a vast range of ball bearings, cylindrical roller bearings, spherical roller bearings and wheel bearings that are sold under the brand name of FAG. The plant at Talegaon near Pune, manufactures engine and powertrain components for front accessory drive system, chain drive systems, valve train, gear shift systems and a range of needle roller bearings and elements, under the brand INA. The fourth manufacturing location is based out of Hosur, producing a wide range of clutches and hydraulic clutch release systems for passenger cars, light commercial vehicles, heavy commercial vehicles and tractors sold under the brand of LuK. Schaeffler also has the largest after-market networks serving the industrial and automotive customers. All of this is backed by dedicated engineering, research and development support based in India in support of product teams.

Schaeffler India showcases locally developed products at IREE 2019

·         Locally manufactured ready to fit new generation Tapered Roller Bearings i.e. TAROL and axle box housings for wheelset of passenger coaches and metro cars.

·         Developing pre-lubricated, high axle load carrying class K rail journal bearings for faster and high capacity freight delivery, in line with current industry trends.

·         Range of solutions under the Services portfolio – from Reconditioning to Remote Monitoring.

·         Lines up a range of global products for passenger coaches, freight wagons and Metro coaches - Maintenance free, corrosion protected bearings and LinearGuides for door applications.

India, 24th  October 2019: Leading industrial and automotive supplier, Schaeffler India Limited (BSE: 505790, NSE: SCHAEFFLER) is focused towards supporting railway modernization and today showcased a range of products for the changing needs and high capacity demands of the country’s railway industry. Schaeffler displayed both locally manufactured and imported range of products, including future technologies enabling urban mobility at the IREE 2019.

Locally developed products

New generation Tapered Roller Bearing Units i.e. TAROL bearings for passenger coaches

TAROL bearings ‘i.e. Tapered Roller Bearing Units which are used as wheelset bearings support rail vehicles such as goods, carriage and passenger coaches.

·         Manufactured with complete precision, Schaeffler India’s state of the art TAROL bearings are double row tapered roller bearing units that are supplied with factory set clearance, greased and sealed.

·         The bearings, which are optimized to provide a shorter mounting time and lower frictional torque, are available in standardized shaft journals on rail vehicles, as well as customized dimensions on request.

·         Customer specific components, spare parts and housing adapters also available.

Axlebox housings and adapters for metro cars

·         Schaeffler also manufactures and supplies axle box Housings (wherein the wheelset bearings sit) for safe transfer of load between bogie frames and wheel axle.

·         Made out of spheroidal graphite cast iron, cast steel or light cast metal, the design of the housing is individually adapted to the adjacent construction to provide correct shape and optimum design, thereby ensuring optimum pressure distribution in the bearings and reduced stress in the load bearing contact surfaces.

In addition, Schaeffler is developing pre-lubricated, high axle load Capacity Class ‘K’ freight car journal bearings for faster and high capacity freight delivery, in line with current industry trends.

·         Next generation Class K Rail Journal bearings to support the railway industry’s higher freight car capacity requirements and meet the demands of faster and heavier freight delivery.

·         Pre-lubricated bearings supporting high axle loads upto32.5 Tonnes to support the increased trade demand.

Range of solutions under Services offering

While reliability and cost effectiveness remain the primary requirements for rail vehicle components, the range of potential optimizations is ever growing. In addition to design enhancements to proven solutions, Schaeffler is also addressing the needs of functional integration, digitalization and services throughout the entire product lifecycle and displayed a broad range of solutions including products and condition monitoring services at IREE 2019. Reconditioning of railway bearings to extend service life is a key new initiative under the Services portfolio.

With focus on providing homegrown bearing solutions and systems tailormade for the Indian railways market, Schaeffler India is continuously investing in line with Make in India initiatives while taking advantage of its global expertise and range of products. Schaeffler remains committed to provide complete end to end next generation solutions for the railways and meet the increased trade and passenger demands.

Global product offerings

Besides investing in Make in India initiatives, Schaeffler India also offers premium German engineering excellence in global products such as maintenance free, corrosion protected bearings and bearing supports for door systems of passenger rail cars and wagons for bulk freight; thereby providing the highest quality of reliable bearings systems across a wide range of rail applications.

·         Schaeffler’s maintenance free ELGIS spherical plain bearings and rod ends are catered to meet the high demands of reliability and long maintenance intervals for door systems in both passenger vehicles and freight cars.

·         Depending on requirements, Schaeffler offers complete solutions of robust bearings for door systems including yoke type track rollers, spherical plain bearings, needle roller bearings used in the mechanisms of shutters and covers, sliding mechanisms guidance systems, to support moments as well as linkages and linkage bearing supports in freight cars.

·         Compact, smooth running INA linear solution from Schaeffler ensure precise, silent and reliable linear movement of vehicle doors. The bearings are available with or without seals and come with corrosion protection, depending on the need and use.

About Schaeffler India Limited

Schaeffler has been present in India for over 50 years. With 3 well known product brands LuK, INA and FAG, 4 manufacturing plants and 19 sales offices, Schaeffler has a significant presence in India. Schaeffler is among the largest Industrial and Automotive supplier with sales of INR 45.6 billion in 2018 and around 3,000 employees. The manufacturing plants in Maneja and Savli (Vadodara), produce a vast range of ball bearings, cylindrical roller bearings, spherical roller bearings and wheel bearings that are sold under the brand name of FAG. The plant at Talegaon near Pune, manufactures engine and powertrain components for front accessory drive system, chain drive systems, valve train, gear shift systems and a range of needle roller bearings and elements, under the brand INA. The fourth manufacturing location is based out of Hosur, producing a wide range of clutches and hydraulic clutch release systems for passenger cars, light commercial vehicles, heavy commercial vehicles and tractors sold under the brand of LuK. Schaeffler also has the largest after-market networks serving the industrial and automotive customers. All of this is backed by dedicated engineering, research and development support based in India in support of product teams.

Schaeffler India appoints new Automotive President

---

, October 23, 2019 -Leading industrial and automotive supplier, Schaeffler India Limited (BSE:505790, NSE:SCHAEFFLER) announced today the appointment of Mr. Sanjeev Saxena as the new Automotive President. In his new role, Mr. Saxena will be responsible for the Automotive business of Schaeffler in India. Operating out of the company headquarters in Pune, Mr. Saxena will report to Mr. Harsha Kadam, CEO Schaeffler India.

"I would like to welcome Mr. Sanjeev Saxena to the leadership team at Schaeffler. His profound knowledge and distinguished experience will be of great value for the future development of Schaeffler India’s business and customer relationships. We look forward to his valuable contributions and wish him the very best in this new role", said Mr. Harsha Kadam, Managing Director, Schaeffler India.

In his previous assignments, Mr. Saxena was Business Vertical Head, Information and Connected Systems at SparkMindaGroup &Chief Executive Officer and Managing Director, Minda SAI and Minda Stoneridge. In an illustrious career spanning over 29 years, he has worked with prestigious companies like Delphi, Motherson Sumi Systems, Samtel Electron Devices and Purolator Filters. This includes over seven years of consulting experience. Mr. Saxena is a Mechanical Engineer with additional qualifications in training.

About Schaeffler India Limited

Schaeffler has been present in India for over 50 years. With 3 well known product brands LuK, INA and FAG, 4 manufacturing plants and 19 sales offices, Schaeffler has a significant presence in India. Schaeffler is among the largest Industrial and Automotive supplier with sales of INR 45.6 billion in 2018 and around 3,000 employees. The manufacturing plants in Maneja and Savli (Vadodara), produce a vast range of ball bearings, cylindrical roller bearings, spherical roller bearings and wheel bearings that are sold under the brand name of FAG. The plant at Talegaon near Pune, manufactures engine and powertrain components for front accessory drive system, chain drive systems, valve train, gear shift systems and a range of needle roller bearings and elements, under the brand INA. The fourth manufacturing location is based out of Hosur, producing a wide range of clutches and hydraulic clutch release systems for passenger cars, light commercial vehicles, heavy commercial vehicles and tractors sold under the brand of LuK. Schaeffler also has the largest after-market networks serving the industrial and automotive customers. All of this is backed by dedicated engineering, research and development support based in India in support of product teams.