Vitesco Technologies

EQS-News: Fiscal year 2023: Profitability and cash flow exceeded expectations

Retrieved on: 
Wednesday, April 10, 2024
Annual, Forecasting, Growth, Supervisory board, Capital expenditure, Friedrich Nietzsche, Public expenditure, Capital, Software, Bank statement, Vitesco Technologies, Investment, Silicon, Renewable energy

Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility, is today publishing its consolidated financial statements for fiscal year 2023.

Key Points: 
  • Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility, is today publishing its consolidated financial statements for fiscal year 2023.
  • Thanks to improved profitability and despite higher investments and the financial burden from the contract manufacturing business with Continental, free cash flow amounted to €84.9 million in fiscal year 2023 (2022: €123.2 million).
  • CFO Sabine Nitzsche: “We fully achieved – and in some cases exceeded – our published guidance for all of the main financial KPIs.
  • The company is also forecasting a negative free cash flow of around €350 million in 2024, owing mainly to negative effects from reduced contract manufacturing activities and the repayment of start-up financing to Continental.

EQS-News: Schaeffler Group reappoints CEOs of both automotive divisions

Retrieved on: 
Wednesday, March 13, 2024
Engineering, Marketing, Vitesco Technologies, Supervisory board, University, Automotive aftermarket, Herzogenaurach, Economics, Bearing, Management

Matthias Zink (54) has been a member of the Executive Board and the CEO of Schaeffler’s Automotive Technologies division since January 1, 2017.

Key Points: 
  • Matthias Zink (54) has been a member of the Executive Board and the CEO of Schaeffler’s Automotive Technologies division since January 1, 2017.
  • Matthias Zink began his working life in 1994 as a test engineer with the LuK Group, which became wholly owned by Schaeffler in 2000.
  • In the years that followed, he held various leadership positions in the Automotive Technologies division, among others in China.
  • Matthias Zink holds a degree in mechanical engineering with a major in automotive engineering from the University of Karlsruhe.

EQS-News: Preliminary results: Vitesco Technologies looks back on a successful 2023

Retrieved on: 
Wednesday, March 13, 2024
Total, Vitesco Technologies, Growth, Conference, Public expenditure, Annual, Software, Beauty salon

Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility, is today publishing its preliminary results for fiscal year 2023.

Key Points: 
  • Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility, is today publishing its preliminary results for fiscal year 2023.
  • Vitesco Technologies’ core business achieved organic growth of 12.2 percent, compared to the general growth in automotive production of 9.4 percent.
  • Vitesco Technologies generated sales of around €1.3 billion from electrification components in 2023 (2022: €1.1 billion).
  • With an equity ratio of 37.6 percent as of December 31, 2023 (December 31, 2022: 40.3 percent), Vitesco Technologies’ balance sheet remains exceptionally solid.

Confluent Appoints Sandy Stojkovski and Brian Yoor to its Board of Directors

Retrieved on: 
Friday, March 8, 2024
Vitesco Technologies, Original equipment manufacturer, AVL, Confluence, Magneti Marelli, Management

SCOTTSDALE, Ariz., March 08, 2024 (GLOBE NEWSWIRE) -- Confluent Medical Technologies, a leading materials science platform that supports the design, development and manufacturing of life saving implants, today announced the appointments of Sandy Stojkovski, Chief Executive Officer, North America of Vitesco Technologies, and Brian Yoor, former Chief Financial Officer of Abbott, to its Board of Directors.

Key Points: 
  • SCOTTSDALE, Ariz., March 08, 2024 (GLOBE NEWSWIRE) -- Confluent Medical Technologies, a leading materials science platform that supports the design, development and manufacturing of life saving implants, today announced the appointments of Sandy Stojkovski, Chief Executive Officer, North America of Vitesco Technologies, and Brian Yoor, former Chief Financial Officer of Abbott, to its Board of Directors.
  • “We are thrilled to welcome Sandy and Brian to our Board and look forward to benefiting from their seasoned perspectives," said Dean Schauer, Chief Executive Officer of Confluent.
  • Yoor has a long track record in the healthcare and life sciences sectors and brings to Confluent more than three decades of experience in corporate finance.
  • Yoor spent most of his career at Abbott, where he last served as Executive Vice President and Chief Financial Officer.

Vitesco Technologies Commissions Landmark Solar Energy Project

Retrieved on: 
Tuesday, March 5, 2024
Vitesco Technologies, Growth, CO2, Electricity, Kilowatt-hour, Renewable energy

Partnership between Vitesco Technologies, equipment operator Big Sun Solar and Guadalupe Valley Electric Cooperative (GVEC) creates one of the first three-party energy purchase agreements in Texas.

Key Points: 
  • Partnership between Vitesco Technologies, equipment operator Big Sun Solar and Guadalupe Valley Electric Cooperative (GVEC) creates one of the first three-party energy purchase agreements in Texas.
  • SEGUIN, Texas, March 5, 2024 /PRNewswire/ -- Vitesco Technologies, a leading international provider of modern powertrain technologies and solutions for electromobility, commissioned a major solar sustainability project developed at its Seguin, Texas manufacturing plant.
  • Through the power purchase agreement, Big Sun Solar builds, owns and operates the solar project, and Vitesco Technologies purchases from GVEC the electricity generated to offset its energy consumption.
  • In addition to the solar panel program in Seguin, Vitesco Technologies previously completed a solar sustainability project at its manufacturing site in Ciudad Juarez, Mexico in January of 2023.

EQS-News: Schaeffler AG and Vitesco Technologies Group AGSign Business Combination Agreement

Retrieved on: 
Thursday, December 21, 2023
EGM, Growth, PVT, Business analyst, Supervisory board, BCA, Executive, CFOS, Herzogenaurach, Annual general meeting, Integration, CHRO, CFO, Workforce, CHRO-TV, EBIT, RTÉ Executive Board, Mass meeting, Security (finance), Fine chemical, Management, Regensburg, Schaeffler Group, Vitesco Technologies

Integration committee with equal representation to steer the integration process; first meeting already scheduled for this year

Key Points: 
  • Integration committee with equal representation to steer the integration process; first meeting already scheduled for this year
    Swift completion of the overall transaction envisaged; Schaeffler and Vitesco will be stronger together
    Herzogenaurach | November 27, 2023 | Schaeffler AG (“Schaeffler”) today entered into a Business Combination Agreement (“BCA”) with Vitesco Technologies Group AG (“Vitesco”) to jointly create a leading Motion Technology Company.
  • Under the BCA, Vitesco will constructively support the overall transaction including the ongoing public tender offer by Schaeffler and the subsequent merger of Vitesco with Schaeffler.
  • In the best interest of the combined company, Schaeffler and Vitesco will strive to achieve both, revenue and cost synergies.
  • The subsequently planned merger of Vitesco Technologies Group AG into Schaeffler AG will in turn require the approval of the respective Annual General Meetings of both companies.

EQS-News: Klaus Rosenfeld to remain CEO of Schaeffler AG for a further five-year term

Retrieved on: 
Wednesday, December 20, 2023
IPO, Supervisory board, Schaeffler Group, CFO, Acquisition, Herzogenaurach, Management, Vitesco Technologies

Herzogenaurach, Germany | December 15, 2023 | At its meeting today, the Supervisory Board of Schaeffler AG resolved to reappoint Klaus Rosenfeld (57) as Chief Executive Officer for a further five-year term.

Key Points: 
  • Herzogenaurach, Germany | December 15, 2023 | At its meeting today, the Supervisory Board of Schaeffler AG resolved to reappoint Klaus Rosenfeld (57) as Chief Executive Officer for a further five-year term.
  • In June 2014, he was appointed permanent CEO of Schaeffler AG, whose IPO took place under his leadership in October 2015.
  • With the Roadmap 2025, Klaus Rosenfeld laid the foundation in 2020 for the further development of Schaeffler AG to become a leading motion technology company.
  • Georg F. W. Schaeffler, Family Shareholder and Chairman of the Supervisory Board of Schaeffler AG, said: “Klaus Rosenfeld stands for continuity and progress in equal measure.

EQS-News: Schaeffler AG has secured 29.88 percent of Vitesco Technologies Group AG with its public tender offer

Retrieved on: 
Wednesday, December 20, 2023
Person, MDAX, Extraordinary general meeting, Invention, Total return swap, Patent, Physikalisch-Technische Bundesanstalt, Knowledge, German, Mass meeting, European, Annual general meeting, DPMA, CFOS, CHRO-TV, 2013 German federal election, Federal republic, Security (finance), Cryptocurrency, Property management, Vitesco Technologies, Herzogenaurach, Schaeffler Group

Completion of tender offer and payment of consideration on January 5, 2024

Key Points: 
  • Completion of tender offer and payment of consideration on January 5, 2024
    Extraordinary General Meeting and separate meeting of non-voting common shareholders on February 2, 2024, as next step
    Herzogenaurach | December 20, 2023 | Schaeffler AG (“Schaeffler”) has announced the final result of the voluntary public tender offer (“tender offer”) for all outstanding shares of Vitesco Technologies Group AG (“Vitesco”).
  • Klaus Rosenfeld, CEO of Schaeffler AG, said: “We are very pleased with the result of the tender offer.
  • From January 5, 2024, Schaeffler AG will hold a stake of around 30 percent in Vitesco Technologies Group AG.
  • This publication is for information purposes only regarding the voluntary public tender offer (the “Offer”) of Schaeffler AG (“Schaeffler”) for all shares of Vitesco Technologies Group AG (“Vitesco” or the “Company”) and does not constitute a solicitation to sell or an offer to buy any of the securities of Vitesco.

Vitesco Technologies Recognized for Creating a Culture of Inclusion by CADIA

Retrieved on: 
Friday, November 17, 2023
Stereotypes of white Americans, Multimedia, Culture, CADIA, Advancement, Vitesco Technologies, Workplace, Optimism, Nursing

Vitesco Technologies honored to receive the Center for Automotive Diversity, Inclusion and Advancement's (CADIA) Creating Inclusive Culture Award

Key Points: 
  • Vitesco Technologies honored to receive the Center for Automotive Diversity, Inclusion and Advancement's (CADIA) Creating Inclusive Culture Award
    2023 employee participation in diversity programming is up more than 230% in N. America
    AUBURN HILLS, Mich., Nov. 17, 2023 /PRNewswire/ -- Vitesco Technologies was recognized for the second consecutive year from among its automotive peers by the Center for Automotive Diversity, Inclusion and Advancement's (CADIA) for its ongoing efforts toward creating a culture of inclusion while pursuing its role as a leading international provider of modern powertrain technologies and electric mobility solutions.
  • Vitesco Technologies was recognized during CADIA's Annual Impact Awards celebration for making strides in "creating an inclusive culture" where individuals are encouraged and supported in their ability to show up in the workplace as their authentic selves.
  • "It's a tremendous honor for Vitesco Technologies and the entire team to be recognized for building upon our leadership recognition to the programs that were cascaded throughout the organization," said Vitesco Technologies Chief Diversity Officer Florencia Stanfield.
  • "I have great optimism for continuing to shape a culture of inclusion for all employees at Vitesco Technologies," said Stanfield.

EQS-News: Vitesco Technologies publishes Reasoned Statement on the Public Tender Offer and enters into Business Combination Agreement with Schaeffler

Retrieved on: 
Thursday, December 14, 2023
Employment, Remuneration, Growth, Knowledge, Supervisory board, Vitesco Technologies, Drivetrain, BCA, Chassis, Communication, Perella Weinberg Partners, Business analyst, Herzogenaurach, RTÉ Executive Board, J. P. Morgan, Lazard, Security (finance), Management, Audit, Financial services, Schaeffler Group

In addition, Schaeffler today published an updated tender offer, which includes an increase of the offer price to EUR 94 per Vitesco Technologies share.

Key Points: 
  • In addition, Schaeffler today published an updated tender offer, which includes an increase of the offer price to EUR 94 per Vitesco Technologies share.
  • The allocation of the remaining divisional headquarters will be discussed in more detail between Vitesco Technologies and Schaeffler.
  • Vitesco Technologies and Schaeffler are aware of the importance of the Vitesco Technologies locations for the combined company.
  • Vitesco Technologies will manage its business independently both until the completion of the tender offer and thereafter until a possible merger.