ZF is to acquire TRW to form what the pair describe as a global leader in the automotive supplier business with pro forma combined sales of about € 30 billion and 138,000 employees.
Bringing together ZF's driveline and chassis technologies, with TRW's active and passive safety technologies – which include advanced driver assistance systems – enlarges the product portfolio with "acknowledged technologies in the most attractive segments", according to Stefan Sommer, chief executive officer of ZF.
"The transaction combines two highly successful companies that have remarkable track records of innovation and growth and solid financial positions," he comments.
And John Plant, chairman and CEO of TRW, adds: "This transaction provides significant benefits for our shareholders who will receive a full and certain value for their shares, as well as for our employees, customers and communities, all of which will reap the benefits of being part of a larger, more diversified global organisation."
Both companies have invested heavily into expanding their production footprint over recent years. Both also have major production sites and strong R&D operations in China.
ZF is currently expanding its R&D Centre in Shanghai to 800 employees, which happens to be a 30 minute drive away from TRW's new R&D facility.
The TRW site will eventually house 1,200 employees, making it TRW's largest R&D site worldwide.
