INA and FAG will merge to form new Schaeffler KG
Resource from: INA Likes:2940
Jan 11,2005
After the successful integration process creating uniform organizational and management structures in the companies of the Schaeffler Group, the Company Management of INA and the Board of the FAG Kugelfischer AG have now decided to undertake a harmonization in legal terms as well: Next year, FAG Kugelfischer AG & Co. oHG and INA Schaeffler KG will be merged to form the new company Schaeffler KG. The headquarters of Schaeffler Group Industrial will be located in Schweinfurt.
The existing brands, namely INA (rolling bearings, engine components, linear systems) and FAG (rolling bearings, wheel bearing modules, services), and their respective products will continue to be used in dealing with customers. The employees of the new company will not experience any changes either, since the new Schaeffler KG will adopt all rights and obligations of the predecessor companies.
The merger will pass through several steps. On 31 December 2004, INA Schaeffler KG will acquire FAG Kugelfischer AG & Co. oHG, including the operative German FAG business. Over the course of 2005, the companies will be merged by a process of so-called accrual with a simultaneous change of the company name to Schaeffler KG.
The legal integration of the individual company into a single corporate entity will facilitate the more efficient use of shared resources, for example in the field of research and development, a simpler development and acceleration of common processes and improved development opportunities for employees.
During 2003/04, FAG, INA and LuK companies located in Europe and South America have therefore already been merged to form a single corporation. There will be further integrations in North America and Asia over the coming months.
(INA)
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