The 110 jobs at the site will be retained as a result of the management buyout. Both parties involved have agreed not to disclose the purchase price. The transaction will be closed shortly and the sale of the business is not subject to antitrust approval. The new company will operate under the name Inno Friction GmbH.

In Hamm, friction linings with carrier plates for dry double clutches were previously produced especially for the Schaeffler Group. At its peak, this part of production accounted for around 60 percent of the company's turnover. Recently, demand has continued to decline significantly.

The plant supplies third-party customers in the industrial and automotive business with special solutions in the field of friction technology, including for the agricultural sector, elevator systems, electromagnetic brakes and wind turbines. While the remaining production of double clutch facings at the Hamm site is expected to be phased out by 2020/21, the management still sees development and growth potential in the industrial business.

"The sale of the plant in Hamm is another important step in the implementation of the Race program. We have examined several options for the future of the site and are pleased that we have now found the best possible solution for all parties involved. The company can take a much more agile and focused approach outside the Schaeffler Group. At the same time, this step allows us to continue to focus more strongly on the future areas of e-mobility and autonomous driving. With the solution for Hamm, we are also demonstrating that we want to avoid site closures as far as possible as part of the implementation of the Race program and will intensively examine all other options beforehand," says Matthias Zink, member of the Schaeffler Executive Board and CEO of the Automotive OEM division.

The previous plant manager and future managing director of the new company, Dr. Christian Spandern, said: "My colleagues on the management board, Dr. Vera Rührup, Frank Steinhauer, Stefan Löhr, and I are delighted that we will be able to initiate a new stage of development for the company at the Hamm site in the future, which is in the interests of our employees, customers and suppliers. The existing business relationships will continue unchanged, and close cooperation with the Schaeffler Group will continue. At the same time, we continue to see potential for the site to grow, particularly in the industrial business."