ZF Friedrichshafen AG has successfully completed the acquisition of commercial vehicle technology supplier WABCO, having gained approval from all required regulatory authorities. WABCO shares, previously listed on the New York Stock Exchange, cease public trading with immediate effect.
The acquisition of the brake manufacturer Wabco by ZF Friedrichshafen was announced last Friday. The integration should combine the competencies of the two industry leaders and advance commercial vehicle technology: together with Wabco, ZF will expand its services for commercial vehicles as well as its operational customer business.
The combination of these two successful enterprises will bring a new dimension of innovation and capability for commercial vehicle systems technology,” said Wolf-Henning Scheider, CEO of ZF Friedrichshafen AG. “ This acquisition marks a major milestone in the history of our company. With it, we are consistently continuing the transformation in the powertrain and in the field of digitalization.”
In the future, WABCO will operate as an independent division, Commercial Vehicle Control Systems, within ZF Friedrichshafen AG and become the tenth division of the Germany-based technology company.
The new Commercial Vehicle Control Systems division employs around 12,000 people at 45 locations worldwide and will work closely with ZF’s existing Commercial Vehicle Technology division, ZF’s aftermarket division and the global development team. Jacques Esculier, Chairman and CEO of WABCO, has decided to retire from his role. Effective today, the division will be headed by newly appointed Fredrik Staedtler. Staedtler brings significant commercial vehicle experience, gained over the past decades working in the industry, most recently as head of ZF’s Commercial Vehicle Technology division.
Photo: TruckPR/ Flickr