Schaeffler eyes formidable position in e-mobility solutions market
The company’s recent offer to acquire powertrain solutions company Vitesco Technologies and the MOU with GKN Powder Metallurgy for development of permanent magnet industry in Europe and North America underline its strategy to gain a market-leading position in the e-motor and inverter markets.
On October 9, 2023, Schaeffler came up with voluntary public tender offer of $3.8 billion to buy Vitesco Technologies Group AG. As per Schaeffler, its decision to buy Vitesco is to strengthen its offerings in the electrification field. Vitesco was spun out of Continental in April 2021 with the aim to focus on electrification, e-mobility and electronics and quickly address the shift towards electric mobility. On October 17, Vitesco said its Executive Board and Special Committee would evaluate the purchase offer by Schaeffler AG and its benefits for the stakeholders of Vitesco Technologies.
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