ZF Friedrichshafen Sells Fasteners and Components Business

Posted By: Hamid Moarefon: Wednesday, January 27, 2016In: Parts

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.

Hamid Moaref

Hamid Moaref has always been fascinated by cars and the automotive industry. His family has a longstanding association with the industry and has been in the tire business for the past 35 years. Raised in Dubai, Hamid attended Capilano University in Vancouver where he graduated with a BBA in marketing before attending an intensive course in magazine publishing in 2005. He has been the publisher and chief editor of Tires & Parts magazine for the past ten years.