Maria-Elisabeth Schaeffler-Thumann
Overview
- Source of Wealth
- Auto parts
- Industry
- Automotive
- Residence
- Herzogenaurach
- Marital Status
- Married
Assets
- Continental AG18,400,000 shares @ --CON-DE
- Schaeffler AG149,000,000 shares @ --SHA0-DE
Biography
Maria-Elisabeth Schaeffler-Thumann and her billionaire son Georg own Schaeffler Group, one of the world's largest ball bearing and machine component producers.
She took over in 1996, following the death of her husband (also Georg) who had founded the company with his brother Wilhelm in 1946.
In 2008, the company took over tire and auto parts giant Continental AG in a $15-billion, debt-financed deal.
In the wake of the financial crisis, it seemed the high-wire act might fail. But as the auto market rebounded, Continental's share price soared.
Maria-Elisabeth and Georg's combined 46% stake in Continental accounts for most of their wealth.
About
Maria-Elisabeth, who owns 20% of Schaeffler Group, lives in the tony Austrian ski resort town of Kitzbuehel, while Georg, with 80%, leads a quiet life in the U.S.
In 2014, she married Juergen Thumann, former head of the German industrial organization BDI.