- The Annual General Meeting approved the merger between the two companies, expected to conclude in the fourth quarter of 2024.
- The merger will create a company that generates significant advantages in areas favoured by the growth of both energies.
MEXICO CITY, May 10, 2024 (GLOBE NEWSWIRE) -- Shareholders of Vitesco Technologies, a leader in electrification solutions for sustainable mobility, approved the conditions of the merger of Vitesco Technologies Group AG with the German company Schaeffler AG during the Annual General Meeting of 2024, held virtually on April 30 at the Gaszählerwerkstatt in Munich.
The Schaeffler AG Group has been driving inventions and revolutionary developments in the field of motion technology for over 75 years, through the manufacturing of high-precision components and systems for a wide range of industrial applications, aiming to make motion more efficient, intelligent, and sustainable.
The General Meeting of Shareholders of Schaeffler AG also approved the merger at its meeting on April 25. The next step will be the registration in the commercial registers of both companies to finalize the process in the last quarter of 2024.
The merger is part of the combination of the Vitesco Technologies Group and the Schaeffler Group, planned and initiated by Schaeffler AG. Together, Schaeffler AG and associated companies control almost 90% of Vitesco Technologies' shares. The planned merger will lead to restructuring with four specialized divisions.
"With the resulting company, which will now be larger, we will be able to use and contribute our knowledge and experience even better and join forces to take big steps towards cleaner mobility," said Vitesco Technologies CEO, Andreas Wolf.
The profitability and positive cash flow exceed expectations
Vitesco Technologies described 2023 as a successful year for the company. This year, order intake amounted to over 12 billion euros worldwide. Approximately 8.3 billion euros were generated in components for electric vehicles. As of December 31, 2023, Vitesco Technologies had a total order backlog of around 58 billion euros, more than half of which was related to electrification.
"2023 has been a challenging but successful year. Our company achieved new profitable growth, secured significant contracts, and advanced its leadership position in the electromobility market," Wolf said.
Around 80 shareholders attended the Annual General Meeting virtually. At the time of the resolutions, approximately 37.9 million shares were represented, equivalent to 95% of the approximately 40 million shares in circulation.
"I want to thank the shareholders for their trust in our brand in recent years. We can be proud of what we have achieved in 2023 and in previous years," Wolf concluded.
For more information about the 2024 Annual General Meeting, click on this section of the Vitesco Technologies website.
Vitesco Technologies is one of the leading international developers and manufacturers of advanced propulsion systems for sustainable mobility. With intelligent system solutions and components for electric, hybrid, and internal combustion propulsion systems, Vitesco Technologies is making mobility clean, efficient, and accessible. The product portfolio includes electric drives, electronic controls, sensors and actuators, and exhaust aftertreatment solutions. In 2023, Vitesco Technologies generated sales of 9.23 billion euros and employs approximately 35,500 people in 50 locations. Vitesco Technologies is headquartered in Regensburg, Germany.
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