schaeffler has expanded the company over the years. in 1999 he took over the german automotive manufacturer luk gmbh, and in 2002, the german producer of ball bearings fag kugelfischer. after the expense of $15 billion, in 2008 georg and the newly founded schaeffler group, acquired auto parts giant and one of the largest tire manufacturers in the world, continental ag. the schaeffler group employs over 80,000 people in 170 locations in 49 different countries.