| 12:34 AM EST

Schaeffler to Acquire Engineering Services Firm

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Schaeffler AG will boost its stake in German engineering services provider IFT Ingenieurgesellschaft Triebwerkstechnik mbH to 100% from 49% by mid-year.

Schaeffler says it will make IFT a wholly owned subsidiary on July 1 and plans eventually to integrate it into Schaeffler Engineering. The German maker of precision bearings has owned a stake in IFT since 2001.