Many suppliers in difficulties: Schaeffler is looking for bargains in the crisis

Schaeffler wants to cut another 4,400 jobs – nevertheless, the automotive supplier is considering a shopping spree. There are "plenty of opportunities for takeovers," said CEO Rosenfeld. It is already clear where the money will come from. The general meeting is next week.

The automotive supplier Schaeffler wants to take over competitors in the coming months despite its announced austerity program. "In the crisis there are plenty of opportunities, also for takeovers," said CEO Klaus Rosenfeld of "Welt am Sonntag". "Where it makes sense to improve technologically, we will take a closer look at these possibilities." This applies to the auto division and in the industrial sector.

To finance such acquisitions, Schaeffler intends to set an important course at an extraordinary general meeting next week. "We have announced that we will resolve authorized capital for up to 200 million new shares," said Rosenfeld. This reserve resolution will enable the company to quickly raise capital via the stock exchange in the future.

Release funds, invest funds

Schaeffler is responding to the crisis with a defensive and an offensive component, as Rosenfeld says. The defensive part includes the reduction of 4,400 jobs that Schaeffler announced this week. "We are bundling our strengths at locations like Schweinfurt, where the previous production from Eltmann will be integrated," said Roseneld.

The aim of this consolidation, which also affects locations such as Wuppertal, Luckenwalde and Clausthal-Zellerfeld: "We want to release more funds that we can invest in the future." Despite the difficult economic situation, Rosenfeld remains optimistic. "The Schaeffler team is crisis-tested," he said. "In 2009 we survived a completely different situation, so I'm not worried now."

The investment bank Fox Corporate Finance (FCF), which specializes in medium-sized companies and financing, assumes that many suppliers will plunge into a deep crisis. "The imbalance is already visible in the listed companies," said FCF boss Arno Fuchs of the newspaper. "A quarter to a third of the suppliers are in acute danger when the traffic light is already red."

The ratio of debt to profit is currently 3.5 for smaller listed companies, and even 4.3 for large corporations. Debt rates of 2 to 2.5 are considered solidly sustainable. In addition, the large listed suppliers lost 7.4 billion euros in liquidity (free cash flow) in the first half of the year. "There could be massive deaths, especially among small and medium-sized suppliers," warns Fuchs.