Press Release

2016-Jul-01

ZF sale of its global Engineered Fasteners and Components business completed

  • Business sold to Illinois Tools Works Inc. (ITW), a Fortune 200 global multi-industrial manufacturing leader for approximately $450 million USD

Friedrichshafen/Livonia. The automotive supplier ZF Friedrichshafen today announced it has completed the sale agreement of its global Engineered Fasteners and Components business to Illinois Tool Works (ITW) for approximately $450 million USD. The business was part of ZF TRW, the Active and Passive Safety Technology Division of ZF Friedrichshafen AG.

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ZF sale of its global Engineered Fasteners and Components business completed

“We are pleased to complete the sale of our Engineered Fasteners and Components business and are confident that ITW will do an excellent job managing this business with their considerable experience in the fasteners and components market, ” said Franz Kleiner, CEO of ZF TRW and a member of the ZF Board of Management. “We thank the employees for their many years of dedication and wish them the best under ITW. ”

While the Engineered Fasteners and Components business was successful and profitable, ZF is primarily concentrating on the growth of its core businesses in advanced safety, efficiency, electrification and the further development of automated driving.

ITW now operates the former Engineered Fasteners and Components business with 13 locations and a global manufacturing and engineering footprint that serves its customers in Europe, Asia, and North America with 3,500 employees located in twelve countries.

CONTACT

John Wilkerson

Technology and Product Communications

+1 734 582-1312

john.wilkerson@zf.com