ZF Forms New Division After Closing Wabco Acquisition
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ZF Friedrichshafen AG has completed the acquisition of commercial vehicle technology supplier Wabco Holdings Inc., which will become ZF’s commercial-vehicle control systems division. ZF named Fredrik Staedtler to lead the new division.
Most recently, he served as head of ZF’s Commercial Vehicle Technology division.
Wabco Chairman and CEO Jacques Esculier has decided to retire, according to the German technology company.
@ZF_Group successfully completes the acquisition of WABCO. This merger will form a leading global integrated systems provider for commercial vehicle technology with WABCO joining ZF as its new Commercial Vehicle Control Systems Division. #PerfectMatch #ZF #WABCO https://t.co/Nwxuv64J8i — WABCO (@WABCO) May 29, 2020
“We are closing this acquisition in an unprecedented social and economic situation,” Wolf-Henning Scheider, CEO of ZF, said in a release referring to the COVID-19 pandemic and its impact. “We are currently focusing our efforts on protecting our employees, ramping up production and securing our company’s liquidity. In the long term, this thoroughly prepared acquisition will make us even stronger for the future once we have overcome the immediate effects of the pandemic.”
The new division, ZF’s 10th, employs around 12,000 people at 45 locations worldwide. It will work with ZF’s existing commercial vehicle technology division, aftermarket division and the global development team.
In March 2019, Friedrichshafen, Germany-based ZF announced a definitive agreement to acquire Wabco for $7.1 billion, or $136.50 per share.
ZF noted at the time the combination of businesses was expected to further accelerate the development of new technologies to enable autonomous commercial vehicle functions, make ZF less dependent on the economic cycle of the passenger car industry and, for the first time, expand the company’s expertise to include commercial vehicle braking solutions. — Transport Topics
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