Log in or Register for enhanced features | Forgotten Password?
White Papers | Suppliers | Events | Report Store | Companies | Dining Club | Videos
Auto Components
Paints & Materials
Return to: ABR Home | Auto Components | Paints & Materials

ZF TRW sells its engineered fasteners and components business to Illinois Tool Works

ABR Staff Writer Published 28 January 2016

ZF TRW, the active and passive safety division of ZF Friedrichshafen has announced the sale of its global engineered fasteners and components business to Illinois Tool Works (ITW) for about $450m.

ZF TRW, CEO and a member of the ZF board of management Franz Kleiner said: "ZF TRW's Engineered Fasteners and Components business is a well known and respected manufacturer of highly-engineered fasteners and components serving leading automotive manufacturers in all major regions."

"We are fortunate to be selling this business to a highly respected expert in the development and supply of fasteners and components that is seeking to grow their worldwide business."

ZF wants to primarily concentrate on growing its core businesses in advanced safety, efficiency, electrification and further development of automated driving.

On the other hand, ITW plans to run the Engineered Fasteners and Components business as a standalone division within its own automotive OEM segment.

ZF TRW's Engineered Fasteners and Components business unit, headquartered in Enkenbach, Germany and it operates in 13 locations with a global manufacturing and engineering footprint that serves its customers in Europe, Asia, and North America.

It employs 3,500 people in nine countries. Customary closing conditions and regulatory approvals are still pending and the transaction is expected to be completed by first half of 2016.