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Schaeffler Korea to produce parts for hybrid cars, EVs

Resource from:  https://www.kedglobal.com Likes:389
May 31,2023

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With 70 years of business in Korea, the country's largest bearing maker is intensifying its quality control systems and technologies

Schaeffler Korea Corp., the largest plain and roller bearing provider to automotive and industrial sectors in South Korea, is set to celebrate 70 years of business in the country on June 1.
Unlike other global bearing producers doing business in Korea, more than 80% of the company’s clients are local firms. It has focused on building strong partnerships in the country while supplying to auto giants like General Motors Co. (GM) and Mazda Motor Corp., said the Korea affiliate President Lee Byung-chan during an interview with The Korea Economic Daily last week.
The parent company is Germany’s Schaeffler AG, the world’s leading high-precision components and bearings manufacturer for car parts such as engine, transmission and chassis and wind power, railways, industrial automation and aerospace. Operating in more than 50 nations, the group posted €15.8 billion ($16.9 billion) in revenue last year.
It entered Korea by acquiring local firm Shinhan Bearing Industry Co. and has grown as the country’s top bearing provider to the auto, electronics and machinery industries.
The Korea affiliate operates plants, logistics centers and research and development institutes with some 1,660 workers. It achieved about 1.2 trillion won ($907.4 million) in revenue last year.

Schaeffler Korea won GM’s Supplier Quality Excellence Award for nine consecutive years until 2021. Its plants in Changwon, Jeonju and Ansan in the country received the prize in 2012, 2016 and 2021 as the facilities met the parent group’s quality test and delivery standards.
The company is proud that GM has recognized its integrated quality control systems and technologies, Lee said.
Schaeffler Korea has set three major goals to innovate manufacturing – developing parts and systems for hybrid cars; producing axles for high-performance electric vehicles; and setting up smart machines for production lines.
“Our bearings are essential to the chip, auto and aviation industries. We will spur innovation in our bearing production to thrive well beyond 100 years of business in Korea” Lee said.

(https://www.kedglobal.com)
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