ZF Friedrichshafen said it had completed the sale of its global engineered fasteners and components business to Illinois Tool Works (ITW) for approximately US$450m. The business was part of ZF TRW, the active and passive safety technology division.
"We are pleased to complete the sale of our engineered fasteners and components business and are confident that ITW will do an excellent job managing this business with their considerable experience in the fasteners and components market, " said Franz Kleiner, CEO of ZF TRW.
While the engineered fasteners and components business was successful and profitable, ZF is primarily concentrating on the growth of its core businesses in advanced safety, efficiency, electrification and the further development of automated driving.
ITW now operates the former engineered fasteners and components business with 13 locations and a global manufacturing and engineering footprint that serves its customers in Europe, Asia, and North America with 3,500 employees located in 12 countries.