ZF sale of its global Engineered Fasteners and Components business completed
Jul 1, 2016
Business sold to Illinois Tool Works Inc. (ITW), a Fortune 200 global multi-industrial manufacturing leader for approximately $450 million USD
Friedrichshafen/Livonia. The automotive supplier ZF Friedrichshafen today announced it has completed the sale agreement of its global Engineered Fasteners and Components business to Illinois Tool Works (ITW) for approximately $450 million USD. The business was part of ZF TRW, the Active and Passive Safety Technology Division of ZF Friedrichshafen AG.
“We are pleased to complete the sale of our Engineered Fasteners and Components business and are confident that ITW will do an excellent job managing this business with their considerable experience in the fasteners and components market, ” said Franz Kleiner, CEO of ZF TRW and a member of the ZF Board of Management. “We thank the employees for their many years of dedication and wish them the best under ITW. ”
While the Engineered Fasteners and Components business was successful and profitable, ZF is primarily concentrating on the growth of its core businesses in advanced safety, efficiency, electrification and the further development of automated driving.
ITW now operates the former Engineered Fasteners and Components business with 13 locations and a global manufacturing and engineering footprint that serves its customers in Europe, Asia, and North America with 3,500 employees located in twelve countries.
ZF is a global leader in driveline and chassis technology as well as active and passive safety technology. The company acquired TRW Automotive on May 15, 2015 which was integrated into the organizational structure as the Active & Passive Safety Technology Division. The combined company has a global workforce of around 138,300 at about 230 locations in some 40 countries and reported sales of €29.2 billion in 2015. ZF annually invests approximately five percent of its sales in Research & Development (€1.4 billion in 2015) ensuring continued success through the design and engineering of innovative technologies. ZF is one of the largest automotive suppliers worldwide.
For further press information and photos please visit: www.zf.com
For further information: Press contact: John Wilkerson Senior Communications Manager, ZF TRW phone: +1 734 855 3864, email: email@example.com Andreas Veil Head of Business and Finance Communications, ZF Friedrichshafen AG phone: +49 7541 77-7925, email: firstname.lastname@example.org