ZF Friedrichshafen AG says it is selling Auto Industrial Brake & Chassis Holding Johannesburg (AIBC), its South African subsidiary to investor, Trinitas, although the parties have not disclosed the purchase price.
AIBC contains a forge and a foundry, among other elements and produces components for the automotive industry, including brake disks. AIBC generated sales of EUR71m (US$96m) last year.
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ZF took over the company in 2006, which operated as a local supplier to ZF’s Car Chassis Technology division.
Depending on approval by the South African cartel authorities, the sale will take effect from 31 December this year.
