The automotive and industrial supplier based in Germany, Schaeffler, is continuing its transformation process.
The Agenda 4 plus One program was launched by the firm in 2016 and has since expanded to feature 20 initiatives.
The program is divided into four categories, and an additional one: Customer focus, Operational excellence, Financial flexibility, and Leadership and talent management – and Securing long-term competitiveness and value creation.
The firm anticipates that by 2022, the program will have generated ABB an additional €300mn (US$370.43mn) in earnings.
The company also intends for the program to increase its EBIT margin – before special items – back up to its long-term average of between 12% and 13% in the same time frame.
E-Mobility and Industry 4.0 are examples of the 20 initiatives within Agenda 4 plus One – both of which aim to expand and develop ABB’s product ranges in its Automotive OEM and Industrial divisions.
The program also features plans to build a 315,000sqm “factory of the future” in Xiangtan, China.
The facility is expected to cost €100mn ($123.47mn) and aims to be a flexible site and cost efficient through digital technologies.
“‘Agenda 4 plus One’ is our program for the future, a blueprint by which we are preparing the Schaeffler Group for the challenges of tomorrow,” stated Klaus Rosenfeld, CEO of Schaeffler AG.
“It is broad-based and encompasses 20 initiatives, including E-Mobility, Industry 4.0 and our Digital Agenda.”
“‘Agenda 4 plus One’ is the driving force behind our transformation. Because we want to be become more agile as well as quicker and bolder.”