Schaeffler signs an ESG loan agreement
Automotive supplier Schaeffler linked its new loan agreement to ESG criteria for the first time. The agreement, signed with 14 banks, provides for the increase of a revolving credit line from 1.8 billion euros to 2 billion euros. The expiration date of the revolver has been extended to November 2027. There is also the possibility to extend the loan up to a maximum of another two years.
In addition, the Franconian company has taken out a loan of 500 million euros with a duration of five years, intended to take over the Ewellix group. The margins of the loan agreement were linked to two ESG criteria. These are the reduction of CO2 emissions in our production (Scope 1 and 2) and the continuous reduction of the accident rate at the sites. The auto supplier expects to reduce the accident rate by an average of ten percent per year.
