The sale, which is still subject to the approval of the antitrust authorities, encompasses the transfer of 100% of shares in Tedrive Steering to the unlisted company Knorr-Bremse AG, based in Munich.
Knorr-Bremse is expanding its portfolio with Tedrive Steering’s systems and establishing the basis for offering customers in the vehicle industry integrated systems as well as functions in the field of automated driving.
“In the global search for the right strategic concept for the steering systems of the future, we found the technology focus of Knorr-Bremse compelling, as braking and steering are the key elements of automated driving,” said Tedrive Steering Systems managing partner, Thomas Brüse.
“We see enormous growth potential here. The combination of the braking systems of Knorr-Bremse with our intelligent Tedrive iHSA steering system establishes the foundation for highly integrated systems from a single source complete with new functions in the field of automated driving.”
“With our development capabilities and the production of a new generation of steering systems here at the Wülfrath plant, we understand ourselves as a pioneer for the steering systems of the future.
“This guiding principle has been part of our corporate vision since the repositioning of Tedrive Steering was initiated six years ago.
“Integrated into the Knorr-Bremse Group, it will be possible in future for us not only to use economies of scale, but also to work in symbiosis with the technologies and system integration expertise of Knorr-Bremse to bring this vision to bear.”
Depending upon the approval of the antitrust authorities, the closing of the transaction and with it the transfer of around 320 Tedrive Steering employees to Knorr-Bremse, is expected to be completed this summer. The parties have agreed not to disclose the sale price.
Knorr-Bremse is the world’s leading manufacturer of braking systems for rail and commercial vehicles, with sales totalling almost EUR6bn (US$6.7bn) in 2015.
In 30 countries, some 25,000 employees develop, manufacture, and service braking, entrance, control, and energy supply systems, HVAC and driver assistance systems, as well as powertrain and transmission control solutions.
Tedrive Steering is a specialised development partner and manufacturer of steering systems for the global vehicle market.
The company, with headquarters in Germany and 320 staff, operates two locations in Germany, and further production, sales and technical facilities in Istanbul (Turkey), Nabereznyje Chelny (Tatarstan, Russia) and Wixom (Michigan).