Luxshare Precision acquires ZF Body Control Systems Division in Germany
ZF, which manufactures automatic transmissions, entered into a joint venture with French auto parts company Faurecia in May to develop interior and safety technologies for autonomous vehicles, so ZF does not need to continue operating its body control systems division. At present, both ZF and Luxshare have refused to respond.
ZF CEO Stefan Sommer said in December last year that ZF was interested in selling its body control systems division, and tactfully responded whether the company would accept a price of US$1 billion (about 6.599 billion yuan). According to people familiar with the matter, the unit ended up selling for less than $1 billion.
ZF's Body Control Systems division manufactures electronic components for instrument panels, including switches, heating and air conditioning controllers and displays, integrated electronic central panels and modular case controllers.
Headquartered in Dongguan, Luxshare Precision Industry Co., Ltd. mainly produces cables and cable connectors for computers, communications and consumer electronics for use in the automotive and medical industries.
ZF is an unlisted automotive supplier based in Friedrichshafen in a small town on the shores of Lake Constance in southern Baden-Württemberg, Germany. ZF intends to reduce its reliance on gasoline engines and is trying to move away from non-core assets to help build expertise in autonomous vehicles and EV components.
Earlier this month, ZF said it intended to make a larger acquisition after acquiring the U.S. TRW Automotive Group for US$13.5 billion (about 89.088 billion yuan) in 2015.