ZF agrees to acquire WABCO
WABCO is the world's leading provider of variable speed braking systems, technology and services that enhance the efficiency, safety and networking of commercial vehicles including trucks, buses and trailers. WABCO's diverse range of products and services includes integrated braking systems and stability control, air suspension systems, automatic shift control products, and aerodynamics, telematics systems and fleet management solutions. WABCO is listed on the New York Stock Exchange with a total sales revenue of 3.3 billion euros in 2018 and approximately 16,000 employees in 40 countries.
Wolff-Henning Schneider, CEO of ZF, said: "We believe that by joining WABCO, ZF can become the world's leading supplier of integrated commercial vehicle technology systems. To create long-term value and protection for customers, employees and shareholders. For ZF, acquiring a company that focuses on and leading the brake system of commercial vehicles will not only add a stable and growing business to us, but also let us The existing Commercial Vehicle Technology Division is able to expand its capabilities in vehicle motion control. This is also in the best interest of our shareholders: the Zeppelin Foundation and the Jürgen Dr. and Irmgard Ulderup Foundation, as this transaction will help ZF continues to grow."
ZF Group Announcement
Jacques Esculier, Chairman and CEO of WABCO, said: "We are teaming up with the highly respected ZF to build a global technology company that will allow us to take the lead and leverage the future for automation, efficiency and networking. Opportunities brought by car demand. We have a long and successful cooperation with ZF in developing innovative technologies. Both sides have the conviction of pursuing excellence, dedication to innovation and customer-oriented."
Strong alliance and complementary advantages
The acquisition is part of ZF's next-generation travel strategy and will expand the company's capabilities to include commercial vehicle brake solutions. This plays a central role in the implementation of the autonomous driving function, including emergency braking of trucks and trailers. After the acquisition, both companies' customers will have ZF as a partner to provide a comprehensive system solution for new drive systems for electric drive technology and autonomous driving. ZF expects that the autonomous driving function will be mainly used in commercial vehicles, as well as in traffic flow and relatively low complexity scenarios (such as factories, airports, farms). The business combination of the two companies is expected to further accelerate the development of new technologies,
Realizing the automation function of commercial vehicles, reducing ZF's dependence on the economic cycle of the passenger vehicle industry
The strategic acquisition of WABCO is in line with ZF's goal of developing and delivering technology solutions that enable vehicles to observe, think and act to reduce emissions and improve road safety. Through its sensor systems and computing technology, ZF has the ability to “see†and “thinkâ€; ZF will work together with WABCO to improve the entire commercial vehicle technology portfolio and provide solutions to make the car “ Action" ability. In the field of steering and transmission systems, ZF is the world's leading supplier.
Dr. Konstantin Sauer, Chief Financial Officer of ZF AG, said: “It is the right time for ZF to propose a strategic acquisition of WABCO. After the successful integration of TRW Automotive, EF has significantly reduced its debt level. In fact, we have exceeded our debt reduction targets. WABCO is a healthy and growing company with strong cash flow and a good match with ZF to match our strategy. ""
The transaction is subject to regulatory approval and compliance with other conventional delivery conditions, as well as shareholder approval on behalf of more than 50% of WABCO's issued share capital. ZF expects that the transaction will be completed in early 2020. Given the cash flow situation of both parties, ZF expects to significantly reduce its financial leverage once the transaction is completed.
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