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1-min read

ZF Signs Agreement to Acquire WABCO for $7 Billion

ZF and WABCO form combined sales of approximately €40 billion.

News18.com

Updated:March 30, 2019, 1:04 PM IST
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ZF Signs Agreement to Acquire WABCO for $7 Billion
ZF logo. (Image: Manav Sinha/News18.com)
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ZF Friedrichshafen AG announced that it has entered into a definitive agreement to acquire WABCO for $136.50 per share. The planned acquisition has been approved by ZF’s Management Board and Supervisory Board and WABCO’s Board of Directors. Together, ZF and WABCO will form a global integrated mobility systems provider for commercial vehicles, creating added value for ZF’s commercial vehicle customers. The combined company will have sales of approximately €40 billion.

WABCO is a global supplier of braking control systems, technologies and services that improve safety, efficiency and connectivity of commercial vehicles including trucks, buses and trailers. Its products and services include integrated braking systems and stability control, air suspension systems, transmission automation controls, as well as aerodynamics, telematics, and fleet management solutions. WABCO, which is listed on the New York Stock Exchange (NYSE), generated €3.3 billion in revenues in 2018 and has some 16,000 employees in 40 countries.

Wolf-Henning Scheider, CEO of ZF, said, “We believe that, together with WABCO, ZF can form the world’s leading integrated systems provider for commercial vehicle technology, creating long-term value and security for its customers, employees and owners. For ZF the acquisition of a specialist and leader for commercial vehicle braking systems means adding a stable and growing business segment and enables our existing commercial vehicle division to expand its expertise in vehicle dynamics control. This will create the foundation for ZF to offer comprehensive systems for safe and automated mobility solutions for passengers and goods to our customers. This is also in the best interest of our owners, the Zeppelin Foundation and the Dr. Jürgen and Irmgard Ulderup Foundation, as the transaction will result in a sustainable strengthening of ZF.”

Jacques Esculier, Chairman and CEO of WABCO, said, “Joining forces with highly respected ZF will create a leading global technology company well positioned to capitalise on future demand for autonomous, efficient and connected commercial vehicles. We have a long history of successful collaboration to develop innovative technologies with ZF with both companies sharing an uncompromising drive for excellence, passion for innovation, and exceptional customer focus.”

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| Edited by: Abhinav Jakhar
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