Schaeffler has signed an agreement under which the management of Schaeffler Friction Products Hamm will take over the ownership of the company, with the buyout saving all 110 jobs.
The parties have agreed not to disclose the purchase price. The sale is not subject to competition regulatory approval and the transaction is expected to be completed in the near future. The resulting new company will be named Inno Friction.
Schaeffler Friction Products Hamm currently makes carrier plate-type friction linings for dry dual-clutch systems for the Schaeffler Group. At its peak, production of this part accounted for around 60% of the company’s revenues, but in recent times there has been a sustained and significant fall-off in demand.
Alongside friction linings, the Hamm plant supplies external customers in the industrial and automotive sectors with a range of specialised friction solutions, including applications for agriculture, lift and hoist systems, electromagnetic brakes and wind turbines.
While the remaining production capacity for friction linings for dual-clutch systems at the Hamm location is expected to be phased out by 2020/21, the company’s management teams see further development and growth potential in the industrial sector.
“The sale of the plant in Hamm is another key milestone in the implementation of our RACE efficiency programme,” said Schaeffler board member, Matthias Zink.
“Having explored a number of options for the location’s future, we are pleased to say the solution now adopted represents the best possible outcome for all concerned. The new company will be able to operate in a much more agile and focused manner outside the Schaeffler Group.
“At the same time, the sale will enable us to concentrate more closely on our key growth areas of E-Mobility and self-driving cars. The solution we have found for Hamm also shows, in implementing the RACE programme, we are committed to avoiding closures wherever possible and we will do everything we can to explore all alternative options.”