ZF Wabco acquisition completes amid pandemic

By: Fabian Cotter


US brake specialist becomes German tech firm's 10th division

ZF Wabco acquisition completes amid pandemic
Pictured (L-R): Wolf-Henning Scheider, CEO of ZF Friedrichshafen AG, and Fredrik Staedtler, who will lead the Commercial Vehicle Control Systems division.

 

Wabco’s integration into ZF Friedrichshafen AG as its Commercial Vehicle Control Systems Division has started following final approval by all regulatory authorities involved, ZF confirmed recently.

The acquisition of Wabco will mean the formation of a, "…leading global integrated systems provider for commercial vehicle technology," says ZF with customers worldwide to, "…benefit from advanced technology innovation, an extensive product portfolio, leading systems integration expertise and an expanded global footprint," it explains.

According to the company, the acquisition unites two industry leaders behind a, "…shared vision to create a customer-focused powerhouse to advance commercial vehicle technology", with ZF’s focus now on, "…expanding its commercial vehicle service portfolio and on operating customer business."

With the acquisition, Wabco’s shares previously listed on the New York Stock Exchange ceased public trading with immediate effect, states ZF.


The deal had been in the pipeline for more than a year


"The combination of these two successful enterprises will bring a new dimension of innovation and capability for commercial vehicle systems technology," said Wolf-Henning Scheider, CEO of ZF Friedrichshafen AG.

"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," Scheider said.

"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 power-train and in the field of digitalisation."

Wabco will operate as an independent division - Commercial Vehicle Control Systems - within ZF Friedrichshafen AG and become the tenth division of the Germany-based technology company. During the integration, ZF will continue to strengthen its existing service portfolio, it explains.

"We are closing this acquisition in an unprecedented social and economic situation," Scheider commented, 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."

The new Commercial Vehicle Control Systems division [currently] 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, it’s explained.

Chairman and CEO of Wabco, Jacques Esculier, is retiring from his role. Thus effective 29 May, 2020, the division is now being 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, ZF states.

 

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