ZF Friedrichshafen AG, a leading global technology group and supplier of mobility systems for passenger cars, commercial vehicles and industrial technology, has announced that it has entered into a definitive agreement to acquire WABCO for $136.50 per share. The planned acquisition has been approved by ZF’s management board and supervisory board and WABCO’s board of directors. Together, ZF and WABCO will form a leading global integrated mobility systems provider for commercial vehicles, creating added value for ZF’s commercial vehicle customers. The combined company will have sales of approximately €40 billion.
Effective today, Dr Jörg Stratmann is chief executive officer of automotive supplier Mahle. He succeeds Wolf-Henning Scheider, who today becomes chief executive officer of automotive supplier ZF Friedrichshafen. Scheider takes the place of Dr Konstantin Sauer, who’d held the position on a temporary basis since Dr Stefan Sommer stepped down with immediate effect in December 2017.
Thanks to the accelerated integration of TRW, which was completed in just 14 or so months, ZF is moving forward as a cohesive aftermarket business, supplying global customers and partners with OE-quality products and services from its Lemförder, TRW, Boge, and Openmatics brand portfolio. The growing importance of the aftermarket sector has led ZF to bundle its activities in this area into a new division – ZF Aftermarket was created on 1 January and is now the second-largest supplier of parts, services and solutions in the global automotive aftermarket.
A new “heavyweight” in the automotive components sector has been created today with the acquisition of TRW Automotive Holdings Corp. by ZF Friedrichshafen AG. TRW announced that it has entered into a definitive agreement with ZF Friedrichshafen, which will see all outstanding TRW shares acquired for US$105.60 per share in an all-cash transaction valued at approximately $13.5 billion. The announcement that TRW is changing hands followed a separate statement from ZF Friedrichshafen announcing the sale of its 50 per cent share in the ZF Lenksysteme GmbH joint venture to partner Robert Bosch GmbH for an undisclosed sum; this transaction is said to have been made to satisfy antitrust requirements prior to the acquisition of TRW.
It appears Germany’s ZF Friedrichshafen may be looking to acquire US-based automotive parts supplier TRW Automotive Holdings Corp. A statement issued by TRW Automotive yesterday confirms that it “received a preliminary, non-binding proposal to acquire the company,” however the statement didn’t go beyond saying it was evaluating the proposal. TRW Automotive did not give any details about the interested party; Bloomberg named ZF Friedrichshafen based upon information it says comes from people with knowledge of the matter.