Schaeffler will use the investment to develop the existing eleven manufacturing locations in China, India, Korea and Vietnam. Manufacturing capacity will be expanded in China with two new factories for rolling bearings and engine and transmission components. In India, one new manufacturing location will be developed.

Construction of the new factories is to be completed by 2012. In addition, development locations in India and Japan are to be set up and expanded along with the existing large development locations in China and Korea.

Dr Juergen M Geissinger, president and CEO of the Schaeffler Group, said: “Asia remains one of the regions in the world with the highest increases in growth and sales for us in the long term. The growth rates across all industrial segments have been enormous during the last few years. By expanding our existing manufacturing locations and constructing three new factories, we are strengthening our profile and our presence in the Asian economic region. Customer proximity as well as developing and manufacturing our high-precision products for engines and transmissions in the automotive sector and system solutions for industrial applications are important factors for systematically utilizing the opportunities for growth in this region.”