In one of the biggest commercial vehicles mergers in a decade, ZF Friedrichshafen AG (ZF) has completed the acquisition of commercial vehicle technology supplier WABCO.
Under the terms of the deal, shares of the NYSE-listed commercial vehicles tech company have ceased trading and its new owner says it can now focus on expanding its commercial vehicle service portfolio and on operating customer business.
“The combination of these two successful enterprises will bring a new dimension of innovation and capability for commercial vehicle systems technology. Thanks to our perfectly complementary portfolios and competencies, we are able to offer unprecedented solutions and services for manufacturers and fleets globally. In this way, we are actively shaping the future of the changing transportation industry,” said Wolf-Henning Scheider, CEO, ZF Friedrichshafen AG.
“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.”
WABCO is expected to operate as an independent division named Commercial Vehicle Control Systems. ZF said its new acquisition will continue to strengthen its existing service portfolio and put its customers first.
The division will be headed by newly appointed Fredrik Staedtler. Staedtler brings significant commercial vehicle experience, gained over the past decades working in the industry, most recently as head of ZF’s Commercial Vehicle Technology division, said ZF in a statement.
ZF CEO Scheider added: “We are closing this acquisition in an unprecedented social and economic situation. The thoroughly prepared acquisition will make us even stronger for the future once we have overcome the immediate effects of the pandemic with regard to the 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.”
ZF is promising that the integration of WABCO will offer customers “a unique range of products and services”.
It added in a statement announcing the completion of the deal: “The extensive combined product portfolio now encompasses conventional and electric drive and chassis components, a comprehensive suite of sensors as well as fully integrated, advanced braking, steering and driver assistance systems for OEMs seeking technological differentiation for their new vehicle platforms. Additionally, ZF can offer digital fleet management solutions and an extensive global network of aftermarket services for commercial vehicles.”
