Following the signing of the management buyout contract on Friday last week, the plant's management "took over ownership" of the plant in Hamm on Monday, according to Schaeffler, a manufacturer of rolling element bearings for automotive, aerospace and industrial uses. All 110 jobs at the plant site will be retained, Schaeffler further stated.

Both parties did not disclose the purchase price of the Hamm-based plant, in which components for dry dual-clutch systems as well as other friction solutions for the industrial, automotive and agriculture sector are manufactured.

Schaeffler said that the demand for components of dry clutch systems at the plant in Hamm had seen a "sustained and significant fall-off in recent times".

"The sale of the plant in Hamm is another key milestone in the implementation of our RACE efficiency program," commented Matthias Zink, chief executive officer (CEO) of Schaeffler's automotive branch, adding that the newly founded company would be able to operate "more agile and focused" outside the Schaeffler group.

Back in March, Schaeffler started its so-called RACE program, with which the automotive supplier is aiming to improve the company's margin over the next three to four years.

In addition, Schaeffler is planning to reduce "the large extent to which we rely on the internal combustion engine", said Schaeffler automotive CEO Zink back then. At the same time, the German automotive supplier would be increasingly focusing on electric mobility, said Zink.