Latest News

More speed. Less mess. Work all day on one charge. Discover M710 - Brady’s fastest, most advanced portable printer yet. Beside the extra speed, it offers versatility and durability to get any labelling job done right, at any time, anywhere. Discover its thousands of printer label options!

The Brady M710 is designed for use on the road and in busy workplaces. It is tough and rugged and can resist more than the occasional bump. Model offers a 1.8 meter drop resistance and military grade shock resistance, and it includes a rechargeable li-ION battery that keeps users printing all day long, up to around 4500 labels per charge.

Brady offers thousands of printer label options, including general identification materials and highly specialised solutions designed for maximum reliability in specific contexts. With the widest choice in label materials, sizes and colours, users will enjoy the freedom to clearly and reliably identify just about anything with a single label printer.

Watch the printer in action >>

Benefits you’ll appreciate:

• Get lightning-fast print speeds: 76.2 mm per second, plus cut labels automatically
• Work longer – print 4,500 labels on a full battery charge
• Enjoy more durability with a printer that withstands 1.20 m drops, blowing sand and dust
• Print what you need, how you need – text, barcodes, shapes and images using a keypad or software
• Get shop-to-field flexibility with label saving, sharing and data imports
• New touchscreen, automatic label cutter and more ergonomic handle to make transport easier
• The printer version M710 Label Printer QWERTY EU + BWS SFID Suite comes with a Brady WorkStation Safety & Facility Identification Suite, enabling you to immediately start designing professional labels

On-Demand

Ergonomic handle makes it easy to bring along to any jobsite, not to mention durability enough to withstand 1,2m drops, blowing sand and dust and tested to meet MIL-STD-810G for vibration. One device for hundreds of applications.

Data entry

Numerous ways to save and store labels on board - choose to import data files from a USB thumb drive, import and save files, lists and graphics, or design and print labels using a keypad, mobile app or desktop software.

Better printing

So many features to get your printing job done fast and right - best in class 76mm per second print speed allows you to print text, barcodes, shapes and images. Also features an enhanced Gen3 Li-ION battery for non-stop printing.

An elevated labelling experience

Unlock a seamless identification ecosphere that offers a premium labelling experience.  Thousands of authentic Brady label materials are automatically recognised by the printer, by Brady Workstation on a user’s PC, and by the Express Labels Mobile app on a smartphone. The printer will auto-adapt its settings, and the Brady Workstation software and Express Labels Mobile app for label design will immediately take into account the specific loaded material, so users can push identification to the limit without a single worry.

Effortless communication between label material, label printer and label design software results in first time right labels, all but no label loss, and fast identification in the office, and in the field. It also enables error-free printing of custom, fully personalised label rolls that can be pre-printed in advance with a logo or any other information.

Discover all new portable label printer models from Brady now >>

Brady Corporation

Wildmere Industrial Estate

Banbury, Oxon OX16 3JU

+44 (0) 1295 228 288

This email address is being protected from spambots. You need JavaScript enabled to view it.

 Q: How will the platform integrate with the current/ future Fluke range of products and services?

A: Fluke Reliability’s mission is to help simplify our customers’ workflow and connect it in a way that will enable them to do their job better in terms of improving efficiency, productivity and profitability. This platform integration will be a major contributor to that mission, which is why we are so excited about the acquisition and integration of Azima DLI.

What it does is combine our existing world-class software and service offerings with cutting edge, AI-powered analytics that will enable our customers to do predictive rather than preventive or reactive maintenance. Moreover, these new remote condition monitoring capabilities will allow them to manage many more assets across a much wider range of physical location than they ever could before, which will help narrow the current skills gap that has become a major issue across industry. This approach of introducing AI analytics into the equation is a major step-change that is taking hold across industry and will enable Fluke Reliability to continue its central role in meeting our customers’ needs as well as serving the entire industrial sector in an even deeper and better way.

In terms of actual implementation, it’s a case of collecting data with Fluke Reliability instruments. Once collected it is channelled through common software that provides detailed analysis. The results of that data analysis will generate a work order for corrective action (if necessary) based on its predictions. The product or device can then be recalibrated to maintain or even improve the workflow, again using Fluke Reliability technology.

It’s all connected. The easy and seamless transferability of good, accurate data is the key to achieving the real-time visibility and workflow analysis that maintenance management teams crave.

Q: Will the existing platform be rebranded?

A: The Azima brand has had a very strong presence in the market for more than 25 years. Its technology and expert services are highly respected. Our goal is to maintain Fluke Reliability as the umbrella brand and Azima be the brand for AI-powered analytics software as well as remote services. This tracks with what we have done with other brands that we have acquired, and it has worked well for us. They retain the trust and appeal they have with their long-term customers and we mutually benefit from the respective strengths we all bring to Fluke Reliability.

Our aim is to ensure we have a solution for our customers, irrespective of what part of the journey to automation they are on. They can come to us at any stage and we will have the answer on how to get them to the next stage – or work with them all the way to their ultimate automated testing goals whenever they’re ready.

Q: What are the benefits of AI in maintenance process?

A: The implementation of AI enables our customers to massively expand their proactive asset monitoring capabilities across a wide range of assets in each plant or facility. As I’ve already alluded to, Azima’s AI-based system helps address the chronic skills shortage that currently exists with its ability to process up to 93% of machine tests with no human intervention.

What the implementation of AI also does is greatly expand the granularity of condition analysis. When you have a system like Azima’s that has already codified more than 500 human years of vibration analysis test data and human expertise, you arrive at solutions very quickly indeed. The upshot is the almost instant system visibility it provides, which in turn gives customers an actionable – and highly accurate and reliable - diagnostic repair and workflow improvement plan, right down to the individual component.

It is those detailed, highly intuitive algorithms that now enable us to predict with a great degree of accuracy when something could happen and take steps to remedy it, or say, “Based on our analysis, there’s no need for concern for at least another six months, so the currently scheduled maintenance for next month is actually unnecessary.”

And, again, customers can now look after a lot more assets, with far fewer resources, in a way that would have been unimaginable only a few years ago.

Q: What are the dangers of autonomous plant operations and how will Fluke mitigate these if there are any?

A: We provide expert-led services. The experience and expertise that they have, now combined with a huge amount of real-word, real-time data certainly drive to a bare minimum any concerns of a malfunction. We’re proud of the fact we have, and will always retain, an unparalleled level of expertise and highly informed insights that are readily available to our customers. We appreciate that the advent of AI may make some people slightly wary, but our aim is to alleviate those concerns by developing a high level of trust in just how many ways can benefit them, and in fact actually significantly reduce the likelihood of critical asset downtime due to unplanned stoppage.

Q: What are the major benefits of AI in process?

A: Many customers are still in a reactive maintenance mode. The transition from reactive to predictive maintenance can be a challenge for some, but there’s no question that everyone now wants to do it. The question is, “how?” They may not have access to the technology that would enable them to scale their existing expertise. Their vibration analysis experts are spending a great deal of their time looking at and analysing data when they could be using new technology to do a lot more focussed work with the data, but do a lot more and lot faster and a lot broader across a workflow operation.

Q: How will the AI systems be upgraded and monitored?

A: The collection of machine types and failure modes is already pretty robust, and the beauty of the algorithms being used is that they are continually improving as more and more customer assets and unique data types are fed into the system, the ability to improve on and grow an already excellent system is virtually limitless. The current 93% automated machine test figure will likely climb much higher soon.

Q: Will Fluke be offering relevant training packages to perspective users?

A: We will absolutely offer training. The skills gap in the marketplace is very apparent. Those who are coming into the industrial marketplace, due to their influences now expect to find an “easy button”. They just don’t know where to find it.

However, our aim has always been and will continue to be to add value to the industry by sharing our expertise with both new generations as well as seasoned professionals who are being exposed to new technologies that require new skills. We do that through formalised training including seminars, boot camps and other methods to share everything from the basic principles of vibration and how customers can learn about them and do their analysis in the most effective way.

We’re also very conscious of instilling confidence in these new technologies. We have established training centres in some regions, but ultimately we want to take it directly to our customers, either in person or via self-learning mode depending on where they are in their journey to automated analysis.

Belzona, a global leader in the manufacture and supply of industrial protective coatings and repair composites, is pleased to announce its partnership with Farfan & Mendes Ltd., a renowned name in the distribution of high-quality industrial products. This partnership marks a significant step forward in expanding Belzona's market presence and ensuring customers have easier access to its innovative solutions.

Farfan & Mendes Ltd. is a trusted and respected distributor known for its commitment to delivering excellence in service and providing cutting-edge solutions to a diverse range of industries. With a track record spanning several decades, Farfan & Mendes Ltd. has cultivated a strong reputation for exceptional customer service and unwavering commitment to excellence, making them the ideal partner for Belzona.

This partnership will see Farfan & Mendes Ltd. become an authorized distributor of Belzona's comprehensive range of industrial maintenance and repair solutions. Customers across various industries, including oil and gas, power generation, manufacturing, marine, and more, will now have direct access to Belzona's acclaimed products, backed by the unparalleled expertise of both companies.

“The collaboration with Farfan & Mendes marks a significant milestone for Belzona, reflecting our ongoing pursuit of innovation and growth,” said Mr. Barry Nisill, CEO at Belzona. “By aligning with a key player in the region, we are fortifying our commitment to providing exceptional value to our clients. This partnership leverages our combined experience, state-of-the-art technology, and shared sustainability goals. Together, we aim to contribute positively to Guyana's booming economy, driven by its flourishing oil, gas, and mining sectors. This agreement symbolizes a strategic alliance that promises to create new opportunities and value within one of the world's fastest-growing markets.”

The partnership between Belzona and Farfan & Mendes Ltd. signifies a shared commitment to offering innovative, reliable, and sustainable solutions that extend the lifespan of critical assets and infrastructure. By combining Belzona's state-of-the-art products with Farfan & Mendes Ltd.'s distribution expertise, customers can expect enhanced access to industry-leading solutions that address challenges related to the maintenance, repair, and protection of equipment and structures.

Mr. Andrew Mendes, Managing Director of Farfan & Mendes Ltd, expressed his enthusiasm, stating, "This partnership aligns perfectly with our mission to provide our clients with best-in-class products and services. Belzona's reputation for quality and innovation resonates with our core values, and we are excited to leverage their expertise to enhance our offerings."

With this partnership, customers can anticipate streamlined access to Belzona's products and support services through Farfan & Mendes Ltd.'s established distribution network. Both companies are enthusiastic about the mutual benefits this collaboration will bring to their valued customers and the industries they serve.

For more information about Belzona and its products, please visit www.belzona.com. To learn more about Farfan & Mendes Ltd. and its services, please visit www.fmlgy.com.

The leading brand for assembly automation solutions, LOCTITE®, is hosting a live webinar on 26^th September at 11.30 AM, focusing on its equipment assembly automation solutions for various market applications.

The 45-minute webinar will be presented by experienced application engineer David Gettleson and will give attendees the opportunity to discover more about the latest LOCTITE equipment and total assembly solutions on offer.

With LOCTITE knowledge, application engineering and equipment know-how, plus its collaboration with customers, you will get the highest levels of support. Participants will also have the opportunity to ask any questions and the potential to request a free consultation.

As part of the webinar, LOCTITE will be doing three pre-recorded demonstrations to showcase its new equipment: the RC50 reservoir and integrated dispenser, giving users cost-effective solutions and improved performance over manual dispensing methods, the CL40 high-intensity LED Spot Cure System, which offers an efficiency solution for all light curing needs, and the CL42, which is a high intensity LED flood system specifically designed to cure LOCTITE light-cure adhesives.

David Gettleson said:

“We’re looking forward to hosting our webinar and sharing our vast expertise with the attendees.. Our team understands the importance of speed and simplicity in assembly automation, without compromising on quality.

“The challenges faced in assembly automation can be overwhelming. We believe that our end-to-end solutions are designed to address those challenges by providing quick, simple and high-quality alternatives.

To register for the webinar click here

The two most common brightness measurements used in portable lighting are Lux and Lumens, but what does that mean? Lux's definition is the amount of light cast on a surface, and the meaning of Lumens is the total output of visible light from a light source. They sound very similar, but there are some significant differences.

Lux is a measurement of how much light falls on a surface, while Lumens measures the total light emitted by a single source. The closer the light source is to the surface, the higher the Lux rating will be. Without knowing that distance, the Lux rating is meaningless. For example, a 10 lumen light on a surface area of 0.0001 m² is 100,000 Lux. Sounds impressive but useless to a person working in a dark room.

Lumens is the amount of light emitted by a single source in all directions and then measured collectively. With the application of a reflector, all the light can be directed in a specific direction, and as Lumens increases, so does brightness.

To combat confusing and deceptive reported product specifications, the PLATO organization (Portable Lights American Trade Association) was formed in 2010 to develop a standardization known as the ANSI/PLATO FL 1 (See example ANSI Panel).

You should avoid buying non-ANSI-rated products for use in a professional environment, where proper measuring and reporting according to ANSI standards is most critical.

Nightstick is a global brand of professional portable LED lighting products that adheres to the ANSI/PLATO FL 1 standards. Our intrinsically safe products are UL 913 certified for Class I DIV 1; most also carry a Zone 0 IIC ATEX and IECEx certification with T3 & T4 temperature ratings, making Nightstick a truly globally intrinsically safe lighting company. Nightstick leads with over 50 safety rated LED lighting products.

Website: www.nightstick.com

This article can also be found in this issue below.

Designers and manufacturers of polymeric repair and protection systems, Belzona Polymerics Ltd., has announced the promotion of long-serving employee, Mrs Charli Walton (Ge Yu), to its Board of Directors.

Belzona Polymerics Ltd. Board of Directors: (from left to right) Philip Robinson, Neil Robinson, Charli Walton, Jevon Pugh and Jeremie Maillard

Mrs Walton, who in August 2022 was appointed Corporate Development Director (China) onto the Board of Belzona Molecular Technology (Nanjing) Limited, is the first female member of the Board. She has been with Belzona for twelve years, originally joining the Marketing Team in 2011.

Mrs Walton has acquired considerable experience in B2B marketing and will be responsible for creating and implementing marketing strategies to consolidate and accelerate Belzona’s growth plans in China. In addition, she will be providing the nexus between the Chinese Company, Chinese Distributors, and Belzona’s various international headquarters.

Commenting on Mrs Walton’s appointment, Mr Barry Nisill, Belzona’s CEO, said: “During Charli’s career with Belzona, she has developed an extensive knowledge which, teamed with her boundless enthusiasm, has seen her become an important member of the Belzona leadership team. On behalf of everyone at Belzona, I would like to congratulate Charli and wish her every success for the future!”

 Mrs Walton said: “It is a great honour to be appointed to the Board of Directors. I would like to thank Belzona for giving me this incredible opportunity, as well as for the extensive investment made into my training and development in preparation for my new role. This includes attendance at the Rising Women Leaders Programme at the University of Cambridge Judge Business School.”

She continued: “I am excited to bring my wealth of my experience to my new position within the business, with the aim of driving the growth and success of this amazing Company and its employees.”

Mrs Charli Walton, Corporate Development Director (China)

Mrs Walton’s appointment to the Board is part of the Company’s ongoing investment in its staff members. Indeed, ‘investment’ is one of the three pillars identified in the Company’s new values and mission statement, along with ‘innovation’ and ‘integrity’.

For more information about Belzona, please visit: www.Belzona.com

We are pleased to announce the launch of our new magazine, Engineering Hydrogen Solutions. The first edition will be published in September 2023. The magazine will run alongside our popular stable of magazines, which include Engineering Maintenance Solutions, Hazardous Engineering Solutions and Industrial Director. The magazine will be circulated to a global audience of 30,000 engineers responsible for implementing hydrogen technology and innovation. For all advertising enquiries please email This email address is being protected from spambots. You need JavaScript enabled to view it. and to submit press releases please email articles and associated images to This email address is being protected from spambots. You need JavaScript enabled to view it. .

#hydrogentechnology #hydrogenpower #energynews

• Schaeffler Group increases revenue for the first half of 2023 by 10.1 percent at constant currency to 8.2 billion euros (prior year: 7.5 billion euros)
• EBIT margin before special items at 7.6 percent (prior year: 6.1 percent)
• Automotive Technologies generates robust earnings, Automotive Aftermarket continues very strong performance, weaker earnings at Industrial
• Strong improvement in free cash flow before cash in- and outflows for M&A activities to 29 million euros in H1 (prior year: -204 million euros)
• Structural measures in Germany finalised, agreement with employee representatives reached
• Overall Group guidance for 2023 raised

Birmingham, UK | August 2, 2023 | Schaeffler AG published its interim financial report for the first half of 2023 today. The Schaeffler Group’s revenue for the first six months amounted to 8,208 million euros (prior year: 7,548 million euros). The 10.1 percent constant-currency increase in revenue in the first half of 2023 was primarily attributable to growing volumes at the Automotive divisions. A favourable impact from sales prices in all three divisions further bolstered the revenue trend. Revenue for the second quarter of 2023 rose by 9.8 percent at constant currency to 4,056 million euros (prior year: 3,790 million euros).

In the Automotive Technologies division, the 8.3 percent constant-currency revenue growth in the first half of 2023 resulted from higher volumes in all business divisions. The constant-currency rise in revenue in the Automotive Aftermarket division amounted to 17.6 percent in the first six months of the year, thanks in particular to the strong increase in volumes at the Independent Aftermarket business in the Europe region. In the Industrial division, the constant-currency increase in revenue of 10.6 percent was largely attributable to the contribution made by the Ewellix Group, which was acquired at the beginning of the year, and the favourable impact of sales prices.

All regions contributed to revenue growth in the first half of 2023. The Europe region generated the highest constant-currency growth rate, increasing its revenue by 14.0 percent. Asia/Pacific region revenue was up 10.9 percent at constant currency, while revenue in the Greater China and Americas regions was 6.6 percent and 5.6 percent above the prior-year level, respectively, at constant currency.

The Schaeffler Group generated 625 million euros (prior year: 458 million euros) in EBIT before special items in the first six months, representing an EBIT margin before special items of 7.6 percent (prior year: 6.1 percent). The increase in the EBIT margin before special items in the first half of 2023 was primarily attributable to the favourable impact of volumes and sales prices.

“The Schaeffler Group once again performed well in a challenging market environment in the second quarter,” said Klaus Rosenfeld, CEO of Schaeffler AG. “All divisions and regions contributed to revenue growth. On the whole, our earnings improved significantly year on year. The Automotive Technologies and Automotive Aftermarket divisions reported double-digit growth rates at constant currency in the second quarter and further improved their operating earnings, offsetting the declining earnings trend in the Industrial division.”

Automotive Technologies – operating earnings improved
The Automotive Technologies division generated 4,840 million euros in revenue in the first half of 2023 (prior year: 4,514 million euros). The constant-currency revenue growth of 8.3 percent resulted mainly from a market-driven increase in volumes contributed to by all business divisions. Sales prices had an additional favourable impact on revenue, especially since considerable rises in costs were largely passed on to customers by adjusting sales prices. Overall, the Automotive Technologies division’s revenue growth at constant currency fell slightly short of the trend in global automobile production.

The division generated 207 million euros (prior year: 92 million euros) in EBIT before special items in the first six months. The EBIT margin before special items for the same period was 4.3 percent, significantly ahead of the 2.0 percent reported in the prior year. The increase in the EBIT margin before special items was mainly due to the favourable impact of sales prices and volumes, bolstered by structural improvements.

Automotive Aftermarket – strong growth, strong EBIT margin
In the first half of the year, the Automotive Aftermarket division generated revenue of 1,131 million euros (prior year: 970 million euros), representing constant-currency revenue growth of 17.6 percent. The constant-currency increase in revenue was mainly the result of considerably higher volumes compared to a relatively low prior-year period. Sales prices had a favourable impact on revenue as well, since increases in procurement costs were passed on to the market.

The constant-currency revenue growth was driven especially by the 17.1 percent increase in Europe – the region generating the highest revenue. Revenue in the Greater China region was 36.6 percent above the prior-year level at constant currency. In the Asia/Pacific region, revenue increased by 18.1 percent at constant currency, while the Americas region generated constant-currency revenue growth of 14.1 percent.

EBIT before special items amounted to 192 million euros (prior year: 128 million euros), which represents an EBIT margin before special items of 17.0 percent (prior year: 13.2 percent). The increase in EBIT margin before special items was predominantly the result of a higher gross profit margin due to a favourable revenue mix during the reporting period, as well as a favourable impact of sales prices.

Industrial – EBIT margin down, countermeasures initiated
The Industrial division generated 2,237 million euros in revenue in the first six months of the year (prior year: 2,065 million euros). The constant-currency revenue growth of 10.6 percent was primarily attributable to the contribution made by the Ewellix Group, which was acquired at the beginning of the year. That contribution was reflected in the Industrial Automation sector cluster. Especially a favourable impact of sales prices contributed to growth as well.

At 15.0 percent, the Americas region generated the largest constant-currency increase in revenue in the first six months. In Greater China, revenue was up 11.4 percent at constant currency. Revenue in the Europe region grew by 10.1 percent, while the Asia/Pacific region reported constant-currency revenue growth of 5.4 percent.

The Industrial division generated 225 million euros (prior year: 238 million euros) in EBIT before special items in the first six months, representing an EBIT margin before special items of 10.1 percent (prior year: 11.5 percent). The decline in EBIT margin before special items was primarily attributable to the gross margin trend, which was adversely affected by the revenue mix as well as by higher costs as a result of relocations and other factors. Based on this and in connection with the adjusted outlook for the second half of the year, the division has initiated countermeasures that include reducing inventories and expanding cost reduction measures.    

Free cash flow – significantly improved year on year
Free cash flow before cash in- and outflows for M&A activities was 29 million euros in the first six months of the year (prior year: -204 million euros). The growth compared to the first half of 2022 was primarily attributable to improved EBITDA and to the less extensive expansion of working capital.

“The positive free cash flow is primarily attributable to the improvement in the Schaeffler Group’s profitability in the first half of 2023,” said Claus Bauer, CFO of the Schaeffler Group. “In addition, we succeeded in reducing net current assets through effective management of inventories and receivables.”

Net income attributable to shareholders of the parent company increased to 267 million euros in the first half of 2023 (prior year: 249 million euros). Net income before special items amounted to 338 million euros (prior year: 265 million euros). Earnings per common non-voting share were 0.41 euros (prior year: 0.38 euros).

Structural measures – agreements with employee representatives reached
In November 2022, the Board of Managing Directors of Schaeffler AG adopted and announced additional structural measures. The plans primarily affected the Engine & Transmission Systems and Bearings business divisions within the Automotive Technologies division, as well as the company’s corporate functions. Agreements to secure the Schaeffler Group’s competitiveness and ability to realise future opportunities have now been reached with local works councils for the Morbach, Ingolstadt, and Herzogenaurach locations. As a result, the Morbach location will continue to operate at least until the end of 2026 and the Ingolstadt location at least until the end of 2027. Schaeffler will also be able to avoid relocating product groups away from Herzogenaurach for the time being by reducing employee working hours at the plant. At the same time, investments at the Herzogenaurach location will create more suitable conditions for attracting new products. “We are consistently working on focusing Schaeffler on the electrification of drive trains. However, our technological strength in e-mobility and in new mobility solutions alone is not enough to maintain our ability to realise future opportunities and accelerate the transformation of our business. In fact, competitive cost structures are key to this as well,” said Matthias Zink, CEO Automotive Technologies. “With the agreements reached, we have achieved a landmark result together with the local employee representatives, which shows that we are all working together to take responsibility for the transformation.” The Schaeffler Group continues to expect the measures to generate savings of up to 100 million euros a year, most of which will be achieved by 2026. The amendment is expected to result in a partial reversal of the provision for the restructuring measures in the amount of 29 million euros in the third quarter of 2023.

Overall Group guidance for 2023 raised
In light of the performance of the business in the first half of 2023, the Board of Managing Directors of Schaeffler AG adjusted the outlook issued on February 27, 2023, at its meeting on July 25, 2023 as follows.

Current market assumptions for 2023

• Automotive Technologies: LVP² with growth of 2 to 4% to up to 85,6 million vehicles^[5]
• Automotive Aftermarket: Growth in global vehicle population a little less strong than in the prior year, with a slight rise in average age (2022: growth of 2.2%, average age: 10.7 years)^[6]
• Industrial: Slight increase in relevant industrial production

Based on the expected performance of the divisions, the Schaeffler Group continues to expect its revenue to grow by 5 to 8 percent at constant currency in 2023. In addition, the company has increased the guidance for the EBIT margin before special items in 2023 to 6 to 8 percent (previously 5.5 to 7.5 percent). The Schaeffler Group anticipates free cash flow before cash in- and outflows for M&A activities of 300 to 400 million euros for 2023 (previously 250 to 350 million euros).

The Schaeffler Group now expects its Automotive Technologies division to grow by 0 to 3 percentage points more than global automobile production of passenger cars and light commercial vehicles in 2023. On that basis, the company continues to expect the Automotive Technologies division to generate moderate constant-currency revenue growth year on year. Additionally, the Automotive Technologies division now expects an EBIT margin before special items of 3 to 5 percent for 2023 (previously 2 to 4 percent).

The guidance for the Automotive Aftermarket division has been corrected upward in terms of both revenue and EBIT margin before special items. The group now anticipates constant-currency revenue growth of 10 to 12 percent (previously 5 to 7 percent) and an EBIT margin before special items of 14 to 16 percent (previously 12 to 14 percent) for the division in 2023.

The company now expects its Industrial division to generate constant-currency revenue growth of 6 to 8 percent (previously 9 to 11 percent) and an EBIT margin before special items of 9 to 11 percent (previously 11 to 13 percent) in 2023.

“Our updated guidance reflects the results of a successful first six months of the year,” said Klaus Rosenfeld, CEO of Schaeffler AG. “The second half of the year is likely to be challenging for our business. The current negotiations with our customers give us reason to be confident that we will once more comfortably achieve our electric mobility order intake target in 2023. At the same time, all signs point to a continuation of the positive trend in the Automotive Aftermarket business going forward. We have already taken countermeasures in the Industrial division against the negative margin trend.”

^[1] at constant currency

^[2] LVP growth: global growth in production of passenger cars and light commercial vehicles

^[3] before special items

^[4] before cash in- and outflows for M&A activities

^[5] Includes content supplied by S&P Global © [IHS Markit Light Vehicle Production Forecast (Base), July 2023]. All rights reserved.

^[6] Includes content supplied by S&P Global © [IHS Markit Vehicles In Operation (VIO) Forecast, April 2023]. All rights reserved.