Schaeffler Group INA / FAG Sets 2007 Goals

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Jan 16,2007

The Schaeffler Group (Germany, privately-held parent of INA / FAG Bearings) is planning conservative strategy changes in 2007, in the face of generally slumping automotive OEM market sales. Organic sales growth in 2007 is forecast to be up 7% over 2006. CEO Juergen Geissinger recently stressed the importance of continuing to pursue cost control initiatives, particularly in German facilities. The company is also pressing the powerful IG Metall union for concessions ranging from more flexible work schedules and assignments, to shorter vacations and holidays. In the past, INA / FAG has hinted its costs in Germany are 30% higher than Asia or eastern Europe, leaving German-made bearings at a disadvantage on the world market. Schaeffler, for now, has abandoned its push for a 40-hour workweek in German factories. The company began its efforts for a longer workweek several years ago; the push has intensified under Dr. Geissinger. However, the German manufacturing base should remain intact as-is, based on current conditions. Dr. Geissinger said the company currently has no plans to shift any more production from Germany to lower cost facilities. In the past, INA / FAG has faced strong responses to plant closing efforts. Workers at FAG Bearing's Eltmann plant did not agree to a 38 or 40 hour workweek, but had their benefits cut equivalently. INA initially moved to shutter Eltmann, but backed away from the plan after initiating he cost-cutting measures which will save nearly

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