Maria-Elisabeth Schaeffler (born 17 August 1941) is a German businesswoman and one of the owners of Schaeffler Group, one of the world's largest producers of rolling bearings. The other owner is her son Georg F. W. Schaeffler.

Early life

Schaeffler was born in Prague in 1941, which was then in the Protectorate of Bohemia and Moravia, and grew up in Vienna, Austria.

Career

In 1963, Schaeffler married Georg Schaeffler, and moved to Herzogenaurach in Franconia, which is located within Bavaria. It was through Schaeffler's marriage that she would come to work for Schaeffler Group AG. In 1996 Georg died, and she took the reins of the family business. It has been Schaeffler's legacy to continue with her husband's life's work, growing the family business, Schaeffler Group AG. Since 1996 Schaeffler has led her company through multiple acquisitions, including: INA, LUK, and FAG. These three companies in particular are large brand name corporations in making rolling bearings. These three acquisitions have made Schaeffler Group AG one of the largest producers of rolling bearings and linear motion products in the World. In 1999, Schaeffler led the acquisition of the remaining shares of LuK, a clutch manufacturer, obtaining 50% of the shares of the company for Schaeffler Group AG. Schaeffler Group already owned 50% of the LuK shares. In 2001 she led the acquisition of FAG Kugelfischer Georg Schäfer AG Schweinfurt, with the acquisitions of FAG and INA, Schaeffler Group AG had become the second largest producer of rolling bearings in the World. In 2009 Schaeffler Group purchased a significant share of the company Continental AG. Since 1996, Schaeffler Group AG has seen an increase in annual turnover and employment. By 2013 the annual turnover reached approximately 10 billion euros, and the employment tripled to over 70,000 employees.

Political activities

Schaeffler served as a CSU delegate to the Federal Convention for the purpose of electing the President of Germany in 2004. During the Hannover Messe in April 2016, she was among the 15 German corporate leaders who were invited to a private dinner with President Barack Obama.

Other activities

Corporate boards

Non-profit-organizations

Recognition

Schaeffler has been given many awards and accolades, including the following: