Germany’s ZF Friedrichshafen has recently sold its fasteners and components business for $450 million in cash to Illinois Tool Works, Inc. The business, which has 13 production facilities around the world, supplies fastening systems and other parts for the automotive industry, producing around $470 million in annual sales.
According to ITW Vice President Sundaram Nagarajan, the Engineered Fasteners and Components business would be a highly complementary addition to ITW’s Automotive OEM segment that would broaden their ability to serve their customers and further expand their long-term organic growth potential.
For ZF, the sale would enable the company to focus more on its key business, including the further development of automated driving.
