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June 11, 2024
Volume 59 l Number 93
MON. June 10, 2024 3 DAY FORECAST TODAY 93/75
WEDNESDAY THURSDAY 94/75 89/75
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Vitesco Technologies under new ownership German automotive company acquires company, plans name change
Woman reported missing from Seguin found dead near Corpus Christi (Corpus Christi) -- A missing Seguin woman has been found dead near Corpus Christi. The woman has since been identified as Jennifer Campos. San Patricio County Sheriff Oscar Rivera said in a Facebook post on Sunday that the 29-year-old was confirmed as missing from Seguin. She was found dead in a Mazda SUV that was parked near a rest area off Interstate 37. The woman, who was reported missing by her sister on June 5, is said to have been the only person inside the vehicle at the time of the discovery. An autopsy has been ordered on her body to determine the exact cause of death. San Patricio County, located in the Coastal Bend Area, is just north of Corpus Christi.
Cindy Aguirre-Herrera
(Seguin) -- Vitesco Technologies has officially been acquired and will soon have a new name. Vitesco officials have confirmed that the company has been acquired by the Schaeffler Group, a very large German manufacturer of rolling element bearings for automotive, aerospace, and industrial uses. Officials say the two companies have cleared several milestones over this past year to get to this point. Sharing more insight behind this merger agreement is Mike Stoller, Head of Communications for Vitesco North America. "The genesis of this is Vitesco Technologies was acquired by the Schaeffler Group and this started with a shareholder tender offer late last year. So, Schaeffler was already our largest shareholder at just under 50 percent of our outstanding stock and they made an offer to increase that by buying shares from other shareholders and as we sit here today -- last I saw, I think they had acquired enough to be around 90 percent and have thus acquired the company," said Stoller. As Stoller mentioned, Schaeffler Group is no stranger to Vitesco, and says the company has been an integral part of the company's history.
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"It is certainly a known entity for us and so there is a lot of history that goes back with Schaeffler. Schaeffler and our former parent company in Continental were also linked. There was some activity between the two more than a decade ago in which Schaeffler became a major shareholder of Continental and had people on the board for the company and was certainly privy to strategic plans of the company. When Vitesco Technologies, as the power-train group within Continental, spun off almost four years ago now in 2020, Schaeffler as I mentioned became the largest shareholder of ours almost immediately so they have had representation on our board of directors as well. Viesco, pg. 3