Schaeffler, a manufacturer of rolling element bearings, agreed to acquire Ceraspin, a production of high quality ceramic wear parts, from Ceratizit Group, a manufacturer of hard material products. Financial terms were not disclosed. "CERASPIN's expertise in ceramic components for rolling bearings is of critical importance to Schaeffler. In acquiring CERASPIN, we are strengthening our supply chain, especially in Europe, while at the same time building up a strong position in high-value components for strategically important growth sectors," Michael Pausch, Schaeffler Chief Technology Officer.