Schaeffler Technologies is set to acquire XTRONIC GmbH, a technology partner that develops customer-specific software and electronics solutions for the international automotive industry. The company provides services and solutions in a range of areas, including automated driving applications, electric mobility, functional safety, as well as methods, tools and test systems.
Schaeffler Group, is a manufacturer of rolling element bearings for automotive, aerospace and industrial uses. Owing to its role in the development of the “Space Drive” drive-by-wire technology, XTRONIC possesses core expertise which will be of great benefit to the Schaeffler Group as it develops solutions in areas such as steering systems and autonomous driving.
According to the company, XTRONIC will be integrated into the Schaeffler Group as a separate German private limited company (GmbH). The company will continue to focus on its relationships with external customers, while at the same time developing and providing solutions within the Schaeffler Group.
The parties have agreed not to disclose the purchase price. The takeover of the Böblingen, Germany-based company is expected to be completed in June 2019, once all closing conditions have been met.
Source: Press Release