Schaeffler eyes broader aftermarket play in its bid for Vitesco
As it lays out its ambition for a combined Vehicle Lifetime Solutions division post the proposed merger, Schaeffler aims to go beyond aftermarket sales of spare parts into remanufacturing and digitalization with an eye on high margins.
German automotive supplier Schaeffler AG announced on October 9 its bid to take over electric mobility and powertrain components supplier Vitesco Technologies in a move to strengthen its position in the electric vehicle supply chain. The Schaeffler family, which owns 75% of Schaeffler AG, already own 49.9% of shares in Vitesco and 46% of German automotive supplier Continental. Announcing the move, Schaeffler AG said it is offering €91 per share to Vitesco shareholders, reportedly valuing the company at €3.64 billion ($3.8 billion).