EU approves ITW acquisition of ZF TRW fasteners
By Fastener and Fixing , 2016-07-29 11:02:21
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On 15th June the European Commission confirmed approval under the EU Merger Regulation for the acquisition of the Engineered Fasteners & Components business (EF&C) unit of ZF TRW Automotive Holdings Corp by Illinois Tool Works Inc.
In January ITW announced the agreement to make the acquisition for approximately US$450 million (€407 million). EF&C is a major global supplier of engineered fastening systems and interior technical components to the automotive OEM market. Headquartered in Germany, the company operates 13 manufacturing facilities globally and employs approximately 3,500 people. It generated revenues of approximately US$470 million in 2015.
At the time of the announcement Sundaram Nagarajan, ITW executive vice- president, commented: “The Engineered Fasteners & Components business will be a highly complementary addition to ITW’s automotive OEM segment that will broaden our ability to serve our customers and further expand our long-term organic growth potential. In position, we believe there will be significant opportunity to enhance the performance of the business through the application of ITW’s 80/20 business process.”
