Schaeffler Group Share Buyback Q2 2023

Schaeffler Group Announces Buyback Program for Q2 2023

The Schaeffler Group, a leading global supplier to the automotive and industrial sectors, has announced a share buyback program for the second quarter of 2023. The buyback program will see the company purchase up to 10 million of its own shares, with a maximum consideration of €500 million (approx. $533 million).

This share buyback program is part of the Schaeffler Group's capital allocation strategy, which aims to return excess cash to shareholders while maintaining financial flexibility. The company has previously conducted share buyback programs in 2021 and 2022.

Further Details of the Share Buyback Program

The share buyback program will commence on April 1, 2023, and will run until June 30, 2023, subject to market conditions.

The shares will be repurchased on the Frankfurt Stock Exchange through a third-party bank acting as the company's agent.

The Schaeffler Group intends to cancel the repurchased shares, which will reduce the company's share capital.

The Schaeffler Group has a strong financial position, with a net cash position of €1.4 billion (approx. $1.5 billion) as of December 31, 2022.

The company's decision to conduct a share buyback program reflects its confidence in its future prospects and its commitment to returning cash to shareholders.

The Schaeffler Group is a global leader in the automotive and industrial sectors, with a workforce of approximately 85,000 employees worldwide.