German auto supplier ZF Friedrichshafen seeks buyers for Body Control Systems unit
08 December 2016
German auto supplier ZF Friedrichshafen AG is planning to sell its Body Control Systems division worth around $1 billion, as part of its plan to divest non-core assets after it acquired safety systems supplier TRW Automotive Holdings Corp.
Speaking to reporters, ZF's CEO Stefan Sommer, said "We are at a very early stage ……We have just started exploratory talks."
The Body Control Systems unit makes electronic parts for the vehicle command and control such as switches, heating and air conditioning controls and displays, integrated electronic center panels and modular steering column controls.
ZF, based in Baden-Württemberg, has hired Deutsche Bank to find a buyer for the division, which has annual earnings before interest, tax, depreciation and amortisation of about $120 million, Reuters reported.
Founded in 1915, ZF, the world's second-largest auto supplier after Robert Bosch GmbH, is a global leader in driveline and chassis technology.
It is primarily known for its design, research and development, and manufacturing activities in the automotive industry.
It is a worldwide supplier of driveline and chassis technology for cars and commercial vehicles, along with specialist plant equipment such as construction equipment.
It is also involved in rail, marine, defence and aviation industries, as well as general industrial applications.
ZF has 230 production locations in 40 countries with approximately 138,000 employees and annual sales of €29.2 billion.