Schaeffler's Russian Plant Up for Sale to Austrian Investor's Holding Company
In a recent turn of events, Schaeffler, the renowned Franconian industrial and automotive supplier, is considering selling its Russian plant to a holding company belonging to its Austrian Supervisory Board member, Siegfried Wolf. This potential sale was given the green light by Russian leader Vladimir Putin on Monday, marking a significant milestone in the plant's potential transition.
Originally, Schaeffler announced its intention to sell the plant located in Ulyanovsk on the Volga in March. This decision came nearly a year after the commencement of the Russian war of aggression in Ukraine. However, at the time, the Kremlin's approval was yet to be obtained.
The Russian plant in question is a modestly-sized Schaeffler facility, employing around 150 people. The reported purchase price of ten million euros was mentioned in Schaeffler's annual report, with Wolf confirming that the transaction had undergone thorough examination, ultimately deemed compliant with applicable US and EU sanctions law.
The Kremlin's approval of this sale carries considerable weight, given the ongoing geopolitical conflicts and the backdrop of the war in Ukraine. Despite the challenges faced by the vehicle construction industry, the sector remains active and is reevaluating its expansion strategies across various regions.
Enrichment Insights: Although Schaeffler has not disclosed further details on its Russian operations after the approval from Putin, it has announced its intention to present products and solutions meeting the existing and emerging demands of the mobility ecosystem at the Auto Expo Components Show 2025, a significant event within Bharat Mobility Global Expo in New Delhi, India. This indicates Schaeffler's focus on its global operations, particularly in India, but does not provide insights into its Russian operations. For the most comprehensive and up-to-date information, consult Schaeffler's direct announcements or industry reports focused specifically on the company's activities in Russia.
