ZF says it respects the move by the UK to leave the European Union as a “sovereign decision.”
German automotive companies – including a very large number of suppliers – have around 100 facilities in the UK with their number increasing by 30% since 2010 but Friedrichshafen-headquartered ZF noted it could not yet estimate the effect of the vote on its business.
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The referendum decision to leave has triggered a wave of political turmoil in the UK, with Conservative Prime Minister, David Cameron announcing his resignation and the opposition Labour Party in disarray as the majority of its Parliamentary members call on their leader, Jeremy Corbyn, to step down.
ZF employs around 3,000 people at nine locations in the UK, while last year, the German supplier’s revenues amounted to EUR1.9bn (US$2.1bn).
“We respect the vote to leave the EU as a sovereign decision of the British people,” said a ZF statement sent to just-auto.
“How Brexit will actually impact on the operations of ZF itself, cannot seriously be predicted from today’s perspective.”
German automotive and supplier body, VDA, is also calling for no extra tariffs to be imposed on the industry following the British electorate’s dramatic decision to exit the 28-strong European Union, while it is also appealing for cool heads to prevail.
“Even if many ‘experts’ are competing to paint the worst possible scenario – now is the time for calmness,” said VDA president, Matthias Wissmann.
“Brussels must draw the correct conclusions from the vote. Our common Europe must become more attractive to its members. We need more transparency and genuinely better regulation.”
