Schaeffler AG and GKN Powder Metallurgy have announced their joint commitment to advance the development of the permanent magnet industry in Europe and North America.
They have signed a Memorandum of Understanding (MoU), which will see GKN Powder Metallurgy supply Schaeffler locally with permanent magnets.
Diego Laurent, CEO of GKN Powder Metallurgy, said: “This is a perfect match of two companies with a long-standing relationship and a strong commitment to sustainability and innovation. The development of permanent magnets for EVs is a logical step for GKN Powder Metallurgy, as we continue to expand our capabilities to support the needs for electrification in the industry whilst pursuing ambitious sustainability targets.”
Matthias Zink, CEO Automotive Technologies at Schaeffler, said: “Schaeffler has key strengths in passenger car electrification, particularly in electric motors, which are integral components of all electric axles and hybrid modules. To ensure our successful growth in this segment especially in Europe and North America we aim to establish resilient, local, and sustainable supply chains for the relevant components like permanent magnets. This cooperation with GKN Powder Metallurgy is an important step towards this goal.”
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Earlier this month the Schaeffler family – who control Schaeffler AG – was considering a buyout of Vitesco Technologies Group, eventually offering a EUR3.64 billion ($3.8 billion) deal.