Schaeffler Group Opens New North American Automotive Tech Center in Southeast Michigan

TROY, Mich., Oct. 31, 2003 -- The Schaeffler Group, one of North America's largest suppliers of engine, transmission and chassis components and bearings for the automotive, industrial and aerospace markets, announced today the opening of its new North American Automotive Center in Troy, Michigan. The state-of-the-art facility was created to research and develop new products and applications for Schaeffler Group companies INA, FAG and LuK. The Automotive Center has been established to support the company's growing presence in the automotive market in North America.

The new facility will have an expanded engineering and sales team and provide local testing and development to supplement existing facilities of INA in Fort Mill, South Carolina, LuK in Wooster, Ohio and FAG in Stratford, Ontario, Canada.

Housed together, the three companies will address customer needs using best practices developed through shared processes, technologies and intellectual capital.

"The need to enhance our local engineering support in the Detroit area has been seen as a priority and is essential for our continued growth in North America," said Joseph Uebbing, President of automotive business in North America. "It was clear that we needed to bring our services closer to the heart of the North American automotive market. The result will be a shorter development cycle with our customers and the ability to bring new products to market more quickly."

The Schaeffler Group has international operations with 180 manufacturing locations and sales offices in more than 30 countries, employing 54,000 around the globe. This new 78,000 square foot North American Automotive Center will initially house 150 of the 6,100 Schaeffler Group employees in the United States, Canada and Mexico.

INA, headquartered in Herzogenaurach, Germany, is among the leading suppliers in the fields of engine and transmission components, linear motion and rolling bearing products.

FAG, headquartered in Schweinfurt, Germany, is a major global supplier of bearings with core competencies in ball, taper, cylindrical and spherical bearings.

LuK, headquartered in Buhl/Baden, Germany, is the internationally recognized automotive manufacturer of automotive clutch, hydraulic, and transmission systems.

The Schaeffler Group companies' products and system components can be found in virtually every vehicle manufactured in North America and across the globe.