Schaeffler is expanding its activities in Russia and has moved into a new office in Haus der Deutschen Wirtschaft in Moscow.
CEO, Klaus Rosenfeld emphasised the supplier's 'Mobility for tomorrow' strategy and the importance of the Russian market, particularly with regard to 'Urban mobility' and 'Interurban mobility' as the major areas.
"Our activities in Russia focus on selected industrial sectors, such as the rail industry, as well as the expansion of our automotive business," said Rosenfeld, while Schaeffler Europe CEO, which also includes Russia, Dietmar Heinrich, added: "By moving into the centre of the capital, we want to increase our local presence and develop new business opportunities in Russia."
The Schaeffler Group, which has been represented in Russia since 2006 with its INA, LuK and FAG brands, opened its first plant in Russia in the Ulyanovsk in 2014, manufacturing automotive and industrial products for the domestic market.
The latest expansion of activities was in the rail industry, for instance in the delivery of axlebox bearings for trains for Moscow's rail loop.
Schaeffler 's decision is a rare shot of confidence in Russia's automotive arm, which has witnessed extraordinarily precipitous falls in consumer confidence, dented by international economic sanctions, high inflation and credit access challenges.