Schaeffler Group and Vitesco Technologies Group reach agreement on business merger

Schaeffler Group and Vitesco Technologies Group have signed a business merger agreement to jointly create a leading drive technology company. Vitesco Technologies will fully support the transaction, including the public tender offer and subsequent merger implementation. The combined company will have annual sales of 25 billion euros and 120,000 employees. It is expected that by 2029, annual EBIT will reach 600 million euros. The board of directors consists of 9 members, including CEO Klaus Rosenfeld and heads of other functional departments.