ZF has completed the acquisition of Wabco after gaining approval from all required regulatory authorities.
Wabco shares, previously listed on the New York Stock Exchange, cease public trading with immediate effect.
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“The combination of these two successful enterprises will bring a new dimension of innovation and capability for commercial vehicle systems technology,” said ZF CEO, Wolf-Henning Scheider.
“Thanks to our complementary portfolios and competencies, we are able to offer solutions and services for manufacturers and fleets globally. In this way, we are actively shaping the future of the changing transportation industry.
“Together, we will create added value for our customers, employees and shareholders alike. This acquisition marks a major milestone in the history of our company. With it, we are continuing the transformation in the powertrain and in the field of digitalisation.”
Wabco will operate as an independent division, Commercial Vehicle Control Systems, within ZF.
“We are closing this acquisition in an unprecedented social and economic situation,” added Scheider. “We are currently focusing our efforts on protecting our employees, ramping up production and securing our company’s liquidity.
“In the long term, this acquisition will make us stronger for the future once we have overcome the immediate effects of the pandemic.”
The new Commercial Vehicle Control Systems division employs around 12,000 people at 45 locations worldwide and will work with ZF’s existing Commercial Vehicle Technology division, ZF’s aftermarket division and the global development team.
Wabco chairman and CEO, Jacques Sculler has decided to retire from his role, with the division headed by newly-appointed Fredrik Staedtler.
The combined product portfolio now encompasses conventional and electric drive and chassis components, a suite of sensors as well as braking, steering and driver assistance systems.
Additionally, ZF can offer digital fleet management solutions and a global network of aftermarket services for commercial vehicles.
