ZF completes WABCO acquisition
ZF Friedrichshafen AG (ZF) successfully completed the acquisition of commercial vehicle technology supplier WABCO, having gained approval from all required regulatory authorities. WABCO shares, previously listed on the New York Stock Exchange, cease public trading with immediate effect.
With the addition of the company, ZF’s focus will be 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,” said Wolf-Henning Scheider, CEO of ZF Friedrichshafen AG.
In the future, WABCO will operate as an independent division, Commercial Vehicle Control Systems, within ZF and become the tenth division of the Germany-based technology company. The new Commercial Vehicle Control Systems division employs some 12,000 people at 45 locations worldwide and will work with the company’s existing Commercial Vehicle Technology division, its aftermarket division, and the global development team. Jacques Esculier, Chairman and CEO of WABCO, has decided to retire from his role. The division will be headed by newly appointed Fredrik Staedtler, who most recently served as head of ZF’s Commercial Vehicle Technology division.