ZF TRW, the Active and Passive Safety Division of ZF Friedrichshafen AG, today announced it has entered into a sale agreement for its global Engineered Fasteners and Components business to Illinois Tool Works (ITW) for approximately $450 million USD.
"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," said Franz Kleiner, CEO of ZF TRW and a member of the ZF Board of Management. "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."
While the Engineered Fasteners and Components business is successful and profitable, ZF is primarily concentrating on the growth of its core businesses in advanced safety, efficiency, electrification and the further development of automated driving. ITW intends to run the Engineered Fasteners and Components business as a standalone division and highly valued business within their automotive OEM segment.
ZF TRW's Engineered Fasteners and Components business unit, headquartered in Enkenbach, Germany, operates 13 locations with a global manufacturing and engineering footprint that serves its customers in Europe, Asia, and North America with 3,500 employees located in nine countries.
BNP Paribas acted as the exclusive financial advisor to ZF TRW on the sale, with Honigman Miller Schwartz and Cohn LLP providing legal advice.
Pending customary closing conditions and regulatory approvals, the transaction is expected to close in the first half of 2016.