kscarbel2 Posted May 16, 2015 Share Posted May 16, 2015 Automotive News / May 15, 2015German auto supplier ZF Friedrichshafen AG said today that it has completed its $12.4 billion acquisition of safety systems supplier TRW Automotive Holdings Corp.TRW will operate as a division under ZF called active and passive safety technology.“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,” TRW CEO John Plant said in a statement.“This unique combination of advanced technologies comprehensively addresses the growing, industrywide trends of safety, fuel efficiency and autonomous driving.”The total value of the transaction, including assumption of debt, is $13.5 billion, the companies said last July when the deal was announced.ZF CEO Stefan Sommer told Crain’s Detroit Business, an affiliate of Automotive News, in January that Plant would remain with the company after the deal closed, but the scope of his role is unknown.The combined company will have 138,000 employees. Sommer told Crain’s that he foresaw no overlapping of the two companies' business.The integration of the two companies is expected to last three to five years, ZF said in the statement.The deal creates the second-largest auto supplier in the world, according to the Automotive News list of the top 100 global suppliers. ZF reported global sales to automakers of $20.4 billion in 2013, with TRW posting $17.5 billion in 2014.Robert Bosch GmbH remains the No. 1 global supplier with $37.7 billion in automotive revenue. The current No. 2 is Denso Corp. with $35.9 billion, based on 2013 data.Outstanding shares of TRW, which are traded on the New York Stock Exchange, are delisted as of today.FYI: ZF (Zahnradfabrik) was founded in 1915 in Friedrichshafen, Germany by Ferdinand von Zeppelin to produce gears for his Zeppelin airships which were used to bomb Allied troops and civilian targets in Belgium, France and England. The company manufactured most of the transmissions used in Wehrmacht and SS division Panzer tanks during World War Two. Today, the major shareholder is the Zeppelin Foundation, which is administered by the City of Friedrichshafen and holds 93.8 percent. The remaining 6.2 percent of the shares are held by Dr. Jürgen and Irmgard Ulderup Foundation Lemförde. Quote Link to comment Share on other sites More sharing options...
james j neiweem Posted May 16, 2015 Share Posted May 16, 2015 Way to go board of directors! Quote Link to comment Share on other sites More sharing options...
Red Horse Posted May 16, 2015 Share Posted May 16, 2015 Way to go board of directors! You have to admit though, one hell of a press release-no sugar coating whatsoever. Proud of their contributions in WW I and WW II.Continued sad state of affairs for America's manufacturing base. Talking to my son today and he mentioned that near his plant they just opened a new shopping mall. The usual tennants employing lower wage sales help, fry cooks etc while selling probably 90% imported goods-and mostly from China at that. One of his co-workers commented -" yeah, and all of the buildings that were knocked down to make room for this at one time manufactured goods".No doubt its a world economy, but we seem to always come out on the short end of the stick.My son by the way has an expensive technical education-hope he gets to finish his career without going backward. Quote Link to comment Share on other sites More sharing options...
james j neiweem Posted May 16, 2015 Share Posted May 16, 2015 good luck to your son. Quote Link to comment Share on other sites More sharing options...
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