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ZF Friedrichshafen would consider another acquisition – particularly for its industrial and trucking businesses -- after agreeing to acquire TRW Automotive Holdings for $13.5 billion. This was disclosed by ZF chief executive Stefan Sommer, who said that another acquisition the size of TRW is unlikely.
He and TRW Chief Executive John Plant have remarked that carmakers moving to global platforms and are looking for suppliers having the technology and the ability to provide it wherever needed. Suppliers are feeling the pressure to develop advanced components from carmakers who are actively seeking for safety features and driverless vehicles that respond wireless road data.
Plant remarked there is a “big burden” on supplier to engineer technology needed for autonomous and connected cars. He noted that a middle-sized company cannot afford to achieve such feat, but only a select few could in the future.Read the entire article ZF Friedrichshafen may go on acquisition spree after TRW deal
With ZF Friedrichshafen's planned acquisition of TRW Automotive on full blast, another German supplier is bound to benefit from the transaction, albeit unexpectedly. Bosch recently announced plans to gain full control of its 50-50 steering joint venture with ZF.
That came after Bosch’s partner disclosed intentions to sell its stake in the joint venture – which build electronic steering systems critical to development of driverless cars – to the largest supplier in the world and purchase TRW for $105.60 a share. ZF has to let go of its holdings in the joint venture, ZF Lenksysteme, to avoid antitrust issues in the acquisition of TRW.
ZF doesn’t have to worry about losing a place in the steering segment since TRW also has a steering systems business largely involved in developing technology that could pave way for autonomous driving. ZF will have to pay TRW around $12.4 billion in cold cash, based on equity value.Read the entire article Robert Bosch is silent beneficiary of ZF’s TRW takeover
ZF Friedrichshafen has inked an agreement to acquire TRW Automotive Holdings for $105.60 per share, paving way for the creation of second-largest auto supplier in the world. The companies have a pro forma combined revenue of around EUR30 billion ($41 billion) and 138,000 employees. Under the terms of the agreement, ZF will acquire TRW for around $12.4 billion in an all-cash transaction.
TRW said in a press release that ZF would purchase all of its outstanding shares in an agreement worth $13.5 billion on an enterprise value basis. ZF is offering to acquire the share at a price higher than TRW’s closing price on July 9. The price is also almost eightfold of TRW's earnings before interest, tax, depreciation and amortization for the year ended June 2014.
The agreement is expected to be finalized by the first quarter of 2015. It should also first receive a go-signal from TRW’s shareholders at a special meeting. TRW said in a statement that the combined company will be well-positioned to take advantage of on “favorable megatrends” in the auto industry by bringing together complementary product offerings and leading technology positions.Read the entire article ZF Friedrichshafen agrees to buy TRW for $12.4 billion cash
ZF Friedrichshafen is resuming discussions to exit its joint venture with Robert Bosch, a move that if successful would allow it to successfully acquire TRW Automotive Holdings, people privy with the matter told Bloomberg. The parties plan to resume talks this week following a short break due to summer holidays.
ZF wants to divest its 50-percent stake in the steering-systems venture to Bosch to avoid antitrust problems since TRW boasts of a significant presence in steering systems, people privy with the matter said. The sources said if Bosch agrees with ZF, a deal to acquire TRW could come as early as next week. ZF and Bosch established the joint venture in 1999, which now boasts of around $5.5 billion in annual sales.
Both ZF and TRW have agreed on the broad outline of a merger, one of the sources told Bloomberg. The parties have talked about a price of between $105 and $110 per share, although the final figure is still under negotiations.Read the entire article ZF Friedrichshafen resumes talks over exit from Robert Bosch JV
ZF Friedrichshafen is aiming to become the second-largest parts supplier in the world, but that target is being put on hold by negotiations to exit a joint venture with Robert Bosch, people privy with the matter told Bloomberg. ZF is seeking to sell its stake in the joint venture before it could complete an agreement to acquire TRW Automotive Holdings.
Breaking down the partnership, however, is complex and several key parties are away for summer holidays, the sources said. ZF wants to close the deal with TRW in the first half of September, the people told Bloomberg. ZF and TRW have discussed a sale at a price of around $105 to $110 per share, although the final amount is still under negotiations.
In July, ZF and its advisers at Citigroup Inc. and other banks had been exploring a proposal that values TRW at between $110 and $112.50 per share, two people told Bloomberg last month.Read the entire article Talks over Bosch venture exit stalling ZF’s acquisition of TRW Automotive
The supervisory board of ZF Friedrichshafen has given a go-signal to discussions to acquire TRW Automotive Holdings Corp. two people privy with the matter told Bloomberg. The board has allowed the company to continue negotiations with TRW, with target to strike an agreement over the next few weeks, the sources said, with one of them adding that no final decision has been reached and discussions could still break down.
ZF recently confirmed that it is holding talks with TRW over an acquisition, which if successful would pave way to the creation of the second-largest auto-parts supplier in the world in terms of sales.
Reuters has reported that ZF could offer up to $12 billion for TRW, which has a market value of $11.3 billion. Reuters also reported that ZF is lining up $13.4 billion in financing for the acquisition.Read the entire article ZF Friedrichshafen supervisory board okays acquisition talks with TRW
ZF Friedrichshafen AG will expand its newly opened site in South Carolina to enable it to build 1.2 million 8- and 9-speed automatic transmissions by 2016. The German company’s South Carolina plant opened last month and is currently capable of producing 800,000 fuel-saving transmissions annually. ZF plans to spend $215 million to expand the plant, raising its total investment in the site to $600 million.
Company officials said that it is the single, largest outlay ZF has ever made. ZF chief executive Stefan Sommer remarked that by 2016, a total of around 1.4 million square feet will be available “so customers can be adequately served.”
He also remarked that the expansion would also increase the number of employees at the plant from 1,200 to 1,650. Carmakers have been turning to transmissions with more than six speeds to help them boost fuel economy on their vehicles, as they cave in to increasing consumer and regulatory pressure to do such.Read the entire article ZF Friedrichshafen to expand South Carolina site capacity to 1.2 million by 2016
ZF Friedrichshafen CEO Stefan Sommer said that the nine-speed transmission is the “natural limit” and would mark the end of the rivalry to add gears. He explained that going over nine makes it weigh too heavy and too complicated since it can’t be compensated by improvements in fuel efficiency.
When interviewed by Automobilwoche Congress in Berlin last Tuesday, Sommer said that while there’s no hard line, the law of diminishing returns has to be taken into account. He said that what needs to be studied is if adding more gears is still sensible. ZF predicts that it will achieve huge sales increases in 2013 since the Chrysler Group is making use of its eight- and nine-speed transmissions for high-volume models like full-sized pickup trucks.
Sommer said that with these gains, the German driveline specialist is likely to get some reprieve from the downturn in the European market that’s expected to be worse in 2013. ZF launched its eight- and nine-speed transmissions shortly after. According to a press report, Hyundai Motor Group was developing a 10-speed gearbox. A report last month stated that General Motors and Ford are co-designing nine- and 10-speed automatic transmissions to be used widely across the lineups in an attempt improve fuel economy.Read the entire article ZF CEO believes nine-speed transmission is not the limit, we need more!
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