Schaeffler has e-mobility orders worth $1.25 bn

FRANKFURT: German automotive supplier Schaeffler has bagged orders worth at least 1 billion euros ($1.25 billion) in sales in the area of electric mobility, one of the group’s board members has told a weekly paper. Schaeffler, the largest shareholder of tyre and auto parts group Continental, earlier this year set up a unit for electric mobility, as most major carmakers are revamping their business towards battery-powered vehicles. Asked about the share of that business within Schaeffler, Matthias Zink, head of the company’s Automotive OEM division, told Automobilwoche: “Regarding order intake we are talking about sales of at least 1 billion euros from eight new projects based on their duration.”
This compared with overall sales of about 9 billion euros in the Automotive segment, not taking into account the Aftermarket business, Zink said, adding the electric mobility unit would have made sales of 500-600 million euros in 2017 had it existed then. Schaeffler, which makes transmission parts and ball bearings for products ranging from tools to airplanes, said earlier this week it expected an adjusted operating profit (EBIT) margin of 10.5-11.5 per cent this year after 11-12 per cent last year. Asked about potential acquisitions, Chief Executive Klaus Rosenfeld, who took part in the joint interview, told Automobilwoche that the group was focused on small and selective deals, adding it had a well-filled pipeline of targets. — Reuters