Automotive supplier Schaeffler relies on “diversity in drives”. In 2023, net profit fell to 310 (2022: 557) million euros because the company had to value the Vitesco shares in its books at the stock market price.
This impacted profits by 231 million euros, but was purely an accounting effect, said CFO Claus Bauer. The company wants to save around 600 million euros with the takeover, but there will only be job cuts in administration.