Debrecen4U
September 9, 2024
The two giant companies will merge in October
From the first of October, German Schaeffler and Vitesco Technologies will be united. About a year ago, it was announced that Schaeffler had made a takeover bid for all outstanding shares of Vitesco Technologies and had initiated a merger of the two automotive companies. The board of directors and the supervisory board of Vitesco finally supported this, and they agreed with Schaeffler’s view that the creation of a combined company could bring significant strategic advantages in certain areas. The board welcomed the view that the synergies outlined by Schaeffler should be achieved primarily through growth and long-term value creation, rather than through site closures or job losses.
As is known, both Schaeffler and Vitesco Technologies have factories in Debrecen.
The Debrecen plant of the former (formerly FAG) has been in operation for many years, while the Debrecen plant of Vitesco Technologies was built in the Southern Economic Zone under the name Continental, but in the meantime the so-called powertrain division of Continental has become a separate company under the name Vitesco Technologies, and the Debrecen plant also bears the Vitesco logo. This plant has been in production since 2021 with a 7,000 square meter production hall manufacturing high-tech electronics and gearbox controls. Initially, they said they would create 450 jobs in Debrecen, but they have since significantly exceeded this, having recently celebrated their 1,000th employee.
Last year, Vitesco won the Sustainable Debrecen Grand Prize in recognition of their efforts to protect the environment. Since August, the Debrecen factory has been under the leadership of a new factory manager, Lukas Juranek, who has been succeeded by József Nyéki.
The last time such a significant change in the economic life of Debrecen took place was this time last year, when Emerson acquired NI.
Source: dehir.hu
