Schaeffler is to sell its Magdeburg-based subsidiary Schaeffler Motorenelemente AG & Co. AG to the family-run Weber Group. The contract for the sale was signed on December 21, 2016.

Schaeffler Motorenelemente AG & Co. KG, an indirectly held 100% subsidiary of Schaeffler AG, specializes in the mechanical processing of cylinder heads and other complex housings for the automotive industry, which are not an integral part of the Schaeffler Group's core business.

During the 2015 financial year, the company generated sales of around 42 million euros. All of the company's 185 employees will be retained by the new owner. A long-term agreement for the company to supply components to the Schaeffler Group was also concluded as part of the transaction.

Klaus Rosenfeld, CEO of Schaeffler AG, said: "We have decided as part of our ‘Mobility for tomorrow' strategy to concentrate on selected core competencies and future fields of development. The sale of Schaeffler Motorenelemente AG & Co. KG is a further step in this direction. It will allow us to free up resources that we can then invest in future fields of development that are important for us."

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