ZF TRW sells global engineered fasteners business
The deal sells off the business to Illinois Tool Works (ITW).
ZF TRW has reported that is has sold its global engineered fasteners and components business, according to a company statement, in a sale due to be completed over the first half of 2016. The deal sells off the business to Illinois Tool Works (ITW). ITW will take over a business with operations in all major regions and 3,500 global employees. Currently, the ZF TRW business is headquartered in Germany, and operates 13 locations to serve customers in Europe, Asia and North America. In the company statement, Franz Kleiner, CEO of ZF TRW and a member of the ZF Board of Management, said, "We are fortunate to be selling this business to a highly respected expert in the development and supply of fasteners and components that is seeking to grow their worldwide business." Automotive News reports that ITW plans to run its fasteners and components business as a standalone unit with its larger automotive business.
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