ZF Friedrichshafen AG, headquartered in Friedrichshafen, Germany, has completed its acquisition of commercial vehicle technology supplier WABCO, having gained approval from all required regulatory authorities.
ZF states that the acquisition will enable it to focus on expanding its commercial vehicle service portfolio and on operating customer business.
“The combination of these two successful enterprises will bring a new dimension of innovation and capability for commercial vehicle systems technology,” stated Wolf-Henning Scheider, CEO of ZF Friedrichshafen AG.
“Thanks to our perfectly complementary portfolios and competencies, we are able to offer unprecedented solutions and services for manufacturers and fleets globally. In this way, we are actively shaping the future of the changing transportation industry,” he continued.
“Together, we will create added value for our customers, employees and shareholders alike. This acquisition marks a major milestone in the history of our company. With it, we are consistently continuing the transformation in the powertrain and in the field of digitalisation.”
According to ZF, in the future, WABCO will operate as an independent division, Commercial Vehicle Control Systems, within ZF and become the tenth division of the company.
Scheider added, “We are closing this acquisition in an unprecedented social and economic situation. 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 Commercial Vehicle Control Systems division employs approximately 12,000 people at forty-five locations globally and is expected to work closely with ZF’s existing Commercial Vehicle Technology division, ZF’s Aftermarket division and its global development team.
Jacques Esculier, Chairman and CEO of WABCO, has retired from his role and is succeeded by Fredrik Staedtler, who is said to bring commercial vehicle experience and was previously the head of ZF’s Commercial Vehicle Technology division.