RDIF and Schaeffler Group start strategic cooperation
Press release, 01.11.2018
Moscow, November 1, 2018 − The Russian Direct Investment Fund (RDIF), the sovereign wealth fund of Russia, and German industrial group Schaeffler Group as one of the leading automotive and industrial suppliers have agreed on strategic cooperation in the automotive industry, railway, steel and cement production, as well as oil&gas and wind energy in Russia and internationally. The parties plan to attract RDIF’s portfolio companies to participate in the implementation of the joint projects. The agreement was signed today ahead of the meeting between RDIF representatives and members of the German Committee on Eastern European Economic Relations.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), noted:
“German companies are traditionally the largest investors in the Russian economy. We welcome our German partners’ willingness to develop business in Russia with RDIF. Schaeffler Technologies has advanced experience in creating high-precision products for industry, and further localization of the company's production in Russia in partnership with RDIF will enable a number of Russian businesses to increase their efficiency.”
Klaus Rosenfeld, CEO of Schaeffler AG, noted:
“RDIF is a very important partner for us to explore growth opportunities in Russia. We as Schaeffler intend to increase the degree of localization in Russia. The new infrastructure investment program of the Russian Government, provides excellent opportunities therefor”.
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Further information can be found at www.rdif.ru
Schaeffler is a global automotive and industrial supplier. Top quality, outstanding technology, and exceptionally innovative spirit form the basis for the continued success of the company. By delivering high-precision components and systems in engine, transmission, and chassis applications, as well as rolling and plain bearing solutions for a large number of industrial applications, the Schaeffler Group is already shaping “Mobility for tomorrow” to a significant degree. The technology company generated sales of approximately 14 billion euros in 2017. With more than 92,000 employees, Schaeffler is one of the world’s largest companies in family ownership. Further information can be found at www.schaeffler.com
For additional information contact:
Russian Direct Investment Fund
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
Andrew Leach / Maria Shiryaevskaya
Tel: +44 (0) 20 7796 4133