Following the easing of economic sanctions at the beginning of this year, ZF Friedrichshafen AG is intensifying its business commitments in Iran. To this end, the company has opened up the ZF Pars SSK subsidiary, which will start to combine ZF's business activities in the region.
Cars, trucks and buses purchased in Iran primarily come from local manufacturers. Economic sanctions set by the United Nations, the EU and the U.S. have heavily restricted production in the past, but this is now set to change and market analysts are forecasting a noticeable rise in demand.
"The Iranian market offers a great deal of potential," says Matthias Benz, Senior Vice President for Corporate Market at ZF. "The new Iranian subsidiary will enable us to concentrate our existing business activities, while also tapping into new business areas and acquiring new customers."
It will also establish business relationships with cooperation partners in the new Active & Passive Safety Technology Division and the ZF Services aftermarket organization. The initial group of around ten employees of ZF Pars SSK will be based in the capital Tehran with the prospect of hiring additional employees as business activities expand.
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