Recently, the Schaeffler Group announced that it will officially change its name to Schaeffler Technology AG from January 1st next year. This change represents the formal transformation of this family-owned company into a joint-stock company, laying a good foundation for Schaeffler's next global development strategy.
The Schaeffler Group is a family-owned company from Germany. The Föhler Group is a global leader in the production of rolling bearings and linear motion products and is one of the most reputable suppliers in the automotive industry. The Schaeffler Group's automotive industry is a reliable partner for virtually all car manufacturers and other major suppliers with its expertise in the overall power systems of passenger cars and trucks (engines, chassis, gearboxes and auxiliary devices).
The Schaeffler Group stated that changing the name of a company is mainly related to the nature of the company's transformation. In October this year, members of the Schaeffler Group Supervisory Board announced that Schaeffler has converted from a limited liability company to a joint-stock company and has completed registration on October 13, 2011. The nature of the company will enable it to have greater flexibility and transparency in the capital market, which will benefit the company's long-term development.
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