Schaeffler Group has signed a EUR1bn loan agreement with its banks.

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“With the EUR1bn credit line we have gained further flexibility for Schaeffler Group,” CFO Klaus Rosenfeld said in a statement.


“The conclusion of the loan agreement is an important sign of trust from our banks.”


Schaeffler said all parties involved had agreed on strict confidentiality and provided no other details of the loan.


The bearings specialist has struggled with liquidity since going heavily into debt to buy parts maker Continental last year just as the credit crisis hit.


Earlier this week, it announced a joint purchasing programme with Conti expected to deliver EUR400m in savings in three years.

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