Automotive technology supplier, ZF Friedrichshafen AG, has completed its acquisition of commercial vehicle technology supplier, Wabco, having gained approval from all required regulatory authorities. ZF is integrating Wabco into its operations to advance and expand its commercial vehicle technology and service portfolio.
“The combination of these two successful enterprises will bring a new dimension of innovation and capability for commercial vehicle systems technology… we are actively shaping the future of the changing transportation industry,” said Wolf-Henning Scheider, CEO of ZF Friedrichshafen AG. “Together, we will create added value for our customers, employees and shareholders alike. This acquisition marks a major milestone in the history of our company. With it, we are consistently continuing the transformation in the powertrain and in the field of digitalisation.”
In the future, Wabco will operate as an independent division, named Commercial Vehicle Control Systems, within ZF Friedrichshafen AG and will become the tenth division of the Germany-based technology company.
“We are closing this acquisition in an unprecedented social and economic situation,” said ZF’s Scheider, referring tothe Covid-19 pandemic and its impact. “We are currently focusing our efforts on protecting our employees, ramping up production, and securing our company’s liquidity. In the long term, this thoroughly prepared acquisition will make us even stronger for the future once we have overcome the immediate effects of the pandemic.”
The new Commercial Vehicle Control Systems division employs around 12,000 people at 45 locations worldwide and will work closely with ZF’s existing Commercial Vehicle Technology division, ZF’s aftermarket division and the global development team.
Jacques Esculier, chairman and CEO of WABCO, has decided to retire from his role. The division will be headed by newly appointed Fredrik Staedtler, who brings commercial vehicle experience, gained over the past decades working in the industry, most recently as head of ZF’s Commercial Vehicle Technology division.
The combined product portfolio of ZF and Wabco now encompasses conventional and electric drive and chassis components, a range of sensors, and fully integrated advanced braking, steering and driver assistance systems for OEMs. ZF can also offer digital fleet management solutions and a global network of aftermarket services for commercial vehicles.