Bosch is planning to increase its stake in ZF Lenksysteme GmbH (ZFLS) to 100 percent. On September 15, 2014, Robert Bosch GmbH and ZF Friedrichshafen AG signed an agreement to this effect. Up to now, ZFLS, based in Schwäbisch Gmünd, Germany has been a 50:50 joint venture between Bosch and ZF.
Employing more than 13,000 associates in eight countries, ZFLS develops, produces, and sells steering systems for passenger cars and commercial vehicles worldwide. In 2013, it registered sales of approximately 4.1 billion euros. With a total of 20 locations, the company is active in the world's most important automotive markets.
Alongside locations in Europe, the U.S., and China, ZFLS also produces in India, Brazil, and Malaysia. The transaction is subject to approval by the antitrust authorities. It has been agreed that the purchase price will not be disclosed.
"With its complete takeover of ZFLS, Bosch is strengthening its ability to actively shape the future of mobility. The company is a technological leader in the growth area of electric power steering, and precisely this is the core technology for automated driving, for more efficient vehicles, and also for electric cars," said Dr Volkmar Denner, chairman of the board of management of Robert Bosch GmbH.
ZFLS already generates some 60 percent of its total revenue with modern, fuel-efficient electric power steering systems.
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