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Schaeffler Aims to Cut Debt by €1 Billion in 4 Years
Schaeffler AG tells reporters in Frankfurt it will use free cash flow to reduce its debt by about €250 million per year between now and the end of 2018.
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Schaeffler AG tells reporters in Frankfurt it will use free cash flow to reduce its debt by about €250 million per year between now and the end of 2018.
The precision bearing company is trying to reduce debt that ballooned to some €12 billion in 2008 after an ill-timed bid for a controlling stake in Continental AG. Schaeffler, currently Conti's largest shareholder, reports its debt at the end of last year was €5.8 billion
The closely held company reports its 2014 earnings before interest and taxes jumped 51% to €1.5 billion.
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