Component supplier Schaeffler is splitting its automotive aftermarket business into a separate division to cope with increased demand, following what it called a “prolonged period of growth”.
From January 1st, the newly created Automotive Aftermarket division will sit alongside the established Automotive OEM and Industrial divisions.
“These steps will allow us to strengthen our global automotive aftermarket business, simplifying our structures and enabling faster decisions,” said Schaeffler’s CEO, Klaus Rosenfeld.
Revenue from Schaeffler’s Automotive division was around €5.2m ($6.1m) in the first six months of this year, up 5.3% on the same period last year. Automotive accounts for around 77.5% of overall revenue at the company.
Michael Söding, who has been president of the aftermarket business within the automotive division since 2009, has now been appointed to the board of managing directors. He will oversee operations from Schaeffler’s headquarters in Langen, Germany.
“In the last years, Michael Söding has contributed significantly to successful development of our automotive aftermarket business,” said Georg Schaeffler, chairman of the supervisory board. “With his experience and know-how across technological, operational and strategic issues, he will enrich the executive board.”
In other news, Schaeffler has recently opened a €100m ($133m) facility in Svitavy in the Czech Republic for the production of automotive thermal management modules, which control engine temperature. Oliver Jung, chief operating officer at Schaeffler, said the modules could be used both in combustion engines and in mobility concepts of the future, in support of its ‘Mobility for Tomorrow’ strategy.
