Friedrichshafen. ZF Friedrichshafen AG, a global leader in
driveline and chassis technology, and TRW Automotive Holdings
Corp. (NYSE: TRW) announced today that the companies have
completed the transaction under which ZF has successfully
acquired TRW. TRW will be incorporated into ZF as a new
division called Active & Passive Safety Technology. The combined
company operates under the name ZF Friedrichshafen AG.
“Today marks the day we combine the strengths of ZF and TRW
into a worldwide leading systems supplier in the automotive
sector,” said Stefan Sommer, ZF’s Chief Executive Officer. “We are
all very excited about our plans for the future, with the
combination allowing us to capitalize on strategic opportunities
and create near- and long-term sustainable value for our customers
and employees.”
“The combined company is a powerhouse of automotive
technologies, ranging from driver assistance and occupant safety
systems, to drivelines and transmissions, and braking and steering
systems,” said John C. Plant, President and CEO of TRW. “This
unique combination of advanced technologies comprehensively
addresses the growing, industry-wide trends of safety, fuel
efficiency and autonomous driving.”
Transaction completed as planned in first half of 2015
On September 15, 2014, ZF and TRW signed a Merger Agreement
for the acquisition of TRW by ZF. This agreement was subject to a
number of closing conditions, all of which have now been met,
including the approval by TRW stockholders and antitrust
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clearances in various countries and regions such as the U.S.,
China, and the EU.
Closing serves as starting signal for integration
The closing marks the start of the integration process of TRW that
is projected to last three to five years. The process will start in
those areas where customers will benefit from combined activities
first; this includes the development of new products, materials
management, sales, and the aftermarket. “Our aim is to combine
the best of both worlds,” said Sommer.
Top three global automotive supplier
“With pro forma sales exceeding €30 billion and more than
130,000 employees, the combined company is a top three global
automotive supplier,” continued Sommer. “Together with TRW, ZF
will be even better positioned to benefit from major trends in the
industry by building on the strengths of both companies, remaining
focused on current and future business needs, and managing the
transition with an emphasis on creating value.”
Plant added: “This transaction provides significant benefits for our
shareholders, employees, customers and communities, all of which
will reap the benefits of being part of a larger, more diversified
global organization focused on developing the next generation of
motion, mobility and safety solutions.”
