FRANKFURT, Germany -- Schaeffler, a German car parts supplier, revealed Friday it has delayed its planned stock market flotation, but said it was still determined to go public, despite the volatility triggered by the massive Volkswagen pollution-cheating scandal.
"Schaeffler AG confirms its intention to go public," the company said in a statement.
"After a series of comprehensive meetings with investors over the past days, the company plans to announce the price range, the timetable and further information on the transaction on Monday."
Schaeffler had originally targeted Monday for the start of trading.
Schaeffler specializes in high-precision components and systems in engine, transmission and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications.
It had annual sales of around 12.1 billion euros in 2014. It employs a workforce of 84,000 at manufacturing locations, research and development facilities and sales companies at approximately 170 locations in 50 countries.
Family-owned Schaeffler had planned to place 166 million shares via the initial public offering.
But conditions on the stock market are currently volatile, for the automobile sector in particular, as a result of the global uproar triggered by revelations that Volkswagen fitted 11 million diesel engines with sophisticated software that could skew emission test results.
Earlier this week, Covestro, the polymers division of German pharmaceuticals giant Bayer, delayed and scaled down its ambitions for its own IPO, citing the VW scandal as one of the reasons.
Copyright Agence France-Presse, 2015
