ZF Friedrichshafen compra TRW

[roger54]

- Hyundai

fa tutto da se?

No, per powertrain, a esempio, fanno lo stesso che gli altri, chiedono gli specialisti ...

[RVC]

Ma non solo: Il 25% del fatturato lo fanno con VW. In pratica é il fratello meno premium della bosch.. A grosso modo.

Il tutto ribalterà parecchio il mercato della componentistica.

Sembra che si formino dei poli:

- Bosch

- Continental (Schäffler)

- Denso

- Magna

- Hyundai

- Johnson control

- Aisin

- Faurecia

- Uno italo (MM & FPT & Brembo)

Diventa interessante... Molto interessante!

T!

Continental ha lavorato benissimo negli ultimi 10-12 anni IMO.

Sticazzi, era un po' che giravano le due diligence per questo deal, un colpaccio per la ZF che si candida a dare battaglia alla Bosch ora. Tra l'altro sono molto complementari come aziende.

[albe101]

Scusate l'ignoranza, ma zf a chi fa capo?

La TWR ha sede anche in val trompia giusto? È italiana come azienda o quella di brescia è una delle varie filiari?

[max_pershin]

I'm so sorry, but what ZF bought? TWR (Tom Walkinshaw Racing) ot TRW (supplier of automotive systems)

[brothersfan]

bella azienda Trw, che se non sbaglio acquisi' tempo fa la Delphi....almeno dalle mie parti i loro componenti sono molto richiesti...

Modificato 17 Settembre 2014 da brothersfan

[nubironaSW]

I'm so sorry, but what ZF bought? TWR (Tom Walkinshaw Racing) ot TRW (supplier of automotive systems)

I think there's a mistake in the title... The second, TRW, of course...

[mich_]

Trw ragazzi . È americana. Non pensavo fosse messa male anche lei ..

[Wilhem275]

Articolo in inglese:

http://dealbook.nytimes.com/2014/09/15/zf-friedrichshafen-sells-joint-venture-stake-to-bosch/?_php=true&_type=blogs&_r=0

[mich_]

Articolo in inglese:

http://dealbook.nytimes.com/2014/09/15/zf-friedrichshafen-sells-joint-venture-stake-to-bosch/?_php=true&_type=blogs&_r=0

Gliel'hanno regalata..!

Sti tedeschi pian piano comprano tutto, ci stanno conquistando.

[RiRino]

Articoli molto interessanti da Autonews

ZF Friedrichshafen agreed to buy U.S.-based TRW Automotive for $13.5 billion including debt, creating a major global supplier ready for an age of self-driving cars.

The all-cash transaction will create a player with combined annual sales of more than $40 billion, more than doubling ZF's sales in two of the world's largest car markets: China and the U.S.

It will marry ZF, a major provider of steering systems and drivetrains, with a leading maker of automotive safety products such as brakes and air bags.

ZF, which already helps carmakers develop hybrid-powered transmissions, had been on the lookout for a strategic partner after an analysis showed semi-autonomous driving functions and vehicle connectivity will develop into important business areas.

"The major motivation for this transaction is technology driven, in the field of electromobility and in the field of autonomous driving," ZF CEO Stefan Sommer said on a conference call on Monday.

In a note, Morgan Stanley analyst Ravi Shanker said TRW's active safety, passive safety and steering technologies, together with its software capability, would allow it to control the key elements of an autonomous car.

"Together with ZF's portfolio of mechanical solutions for chassis, transmission and drivetrain control, there would be few parts of an autonomous car -- mechanical or electronic -- that a ZF and TRW combination could not potentially dominate," the note said.

ZF is offering $105.60 in cash for each TRW share, or nearly $12 billion based on shares outstanding. That is a premium of 16 percent over the U.S. company's closing price on July 9, before ZF's interest emerged.

The price represents a multiple of 7.6 times TRW's earnings before interest, tax, depreciation and amortization for the year through June 2014, making it one of the most expensive takeovers in the auto parts sector.

TRW, based in Livonia, Michigan, is a global maker of air bags, electronics and braking and steering equipment. It sells to nearly all major automakers, including Ford and General Motors.

Credit rating

TRW, which had sales of $17.43 billion last year, counts Volkswagen Group as its largest customer and derives about 40 percent of its revenue from Europe.

ZF supplies chassis components to companies including Audi and BMW, and generates about half its revenue which totaled 16.84 billion euros ($21.7 billion) in 2013 in Europe.

For ZF, controlled by the Zeppelin Foundation of Friedrichshafen, a small city on the shores of Lake Constance, it marks a leap into the world of capital markets. It will seek a credit rating so it can issue bonds to finance the deal.

The transaction is subject to antitrust and U.S. foreign investment clearance and is expected to close in the first half of 2015, ZF said.

"ZF started to create a long-term strategy focused on the year 2025. We have seen we need certain growth to be a Tier 1 supplier," Sommer said, adding that ZF would consider additional deals in future if they made strategic sense.

The combination of ZF and TRW creates a new platform for serving the world's largest automakers, Sommer said, adding that ZF and TRW's portfolios were complementary.

Buying TRW is an attempt by ZF to increase its exposure to sensors and electronic components. Stricter safety and anti-pollution rules have forced carmakers to install more complex onboard electronics that help to make acceleration, braking and engine management systems more intelligent.

Goldman Sachs Group acted as financial adviser to TRW and Simpson Thacher & Bartlett LLP and Gleiss Lutz were legal advisers. Citigroup Inc and Deutsche Bank advised ZF, while Sullivan & Cromwell acted as legal adviser.

ZF said it had received a bridge loan from Citigroup and Deutsche Bank. ZF could issue a bond in the next six months to help finance the deal.

'Scale and depth'

“The combined companies are clearly going to have a lot of scale and depth,” said Joseph Spak, an analyst for RBC Capital Markets in New York. “They’re combining a number of key technologies as the world is moving toward autonomous driving.”

ZF has said TRW will be operated as a separate business division within ZF, the statement said.

"We have long respected ZF as a very successful company in our industry with similar values and focus on innovation," TRW CEO John Plant said in a statement. "This transaction provides significant benefits for our shareholders who will receive full and certain value for their shares, as well as for our employees, customers and communities, all of which will reap the benefits of being part of a larger, more diversified global organization."

Fred Hubacker, managing director of the consulting firm Conway Mackenzie Inc., said the deal creates a "global powerhouse in driveline, chassis and electronics controls."

"There's very little duplication in production between the two companies,” Hubacker said, “and together it will likely dominate several segments."

Mike Wall, director of automotive analysis for IHS Automotive Group LLC, said the deal represents more consolidation through the supply chain as companies chase new technologies.

"The broader story, of course, would seem to reside with the technology component of the deal and the continuing quest for suppliers to build a product portfolio with future growth potential and opportunities to build global economies of scale," Wall said.

"I don’t know that it fundamentally changes the industry, but it is another example of a supply chain that continues to evolve and one which could likely result in larger, and perhaps fewer, Tier 1's."

ZF ranks No. 9 on the Automotive News Europe list of the top 100 global suppliers, with worldwide sales to automakers of $20.4 billion in 2013. TRW ranks 11th and Bosch is No. 1. For a look at the 2013 ranking, click here.

ZF’s bid for TRW marks the biggest deal since ball-bearings maker Schaeffler AG tried to take over Continental in 2008 in a transaction resisted by the target’s board. The endeavor hit headwinds as stock markets tanked during the financial crisis and Schaeffler’s debt ballooned.

Sommer said the two deals are totally different in part because the push for TRW is “friendly, not hostile.”

http://europe.autonews.com/article/20140916/ANE/140919882/zf-says-trw-takeover-creates-supplier-ready-for-self-driving-age

FRANKFURT (Bloomberg) -- Robert Bosch is an unexpected beneficiary of ZF Friedrichshafen's plans to purchase TRW Automotive.

Bosch, the world's largest auto parts supplier, on Monday said it planned to gain full control over the steering joint venture it co-founded with ZF in 1999. The JV makes electronic steering systems that are critical to the development of driverless cars.

ZF was forced to sell its 50 percent stake in the JV to avoid antitrust issues in the purchase of TRW, which also has a large steering systems business that is heavily involved in developing technology to make autonomous driving a reality.

Hours after saying it would sell its stake in the JV to Bosch, ZF announced plans Monday to purchase TRW for $105.60 a share, which is a premium of 16 percent over the U.S. company's closing price on July 9, before news of ZF's buyout interest emerged.

ZF valued the all-cash transaction at approximately $12.4 billion based on equity value. TRW said it was worth approximately $13.5 billion on an enterprise value basis.

Transmission dilemma

ZF is looking to add electronic components because its transmission business is threatened by electric vehicles, which don't use gearboxes.

Transmissions are "probably going to be a business that's slowly dying. It's no good for a company to be part of a declining industry," said Juergen Pieper, a Frankfurt-based analyst for Bankhaus Metzler.

The combination of closely held ZF and publicly traded TRW will overtake Japan's Denso and Germany's Continental based on global sales. With the deal, ZF's parts sales total about 30 billion euros ($38.8 billion), narrowly trailing Bosch's 30.6 billion euros last year.

The move parallels other deals in the industry as manufacturers of mechanical components seek know-how in electronics to adapt to rising demand for features that prevent accidents and protect passengers and pedestrians.

Big, powerful

Modern suppliers need to have a breadth of technology and be "big and powerful," ZF CEO Stefan Sommer told journalists in a telephone conference Monday.

With TRW, the Friedrichshafen, Germany-based company can target "automotive megatrends," such as fuel efficiency, increased safety requirements and autonomous driving. Bosch, which helped invent electronic-stability systems that keep cars from skidding off the road, is pushing into those same fields and will be helped by having full control of the steering venture, known as ZF Lenksysteme.

The unit employs 13,000 people in eight countries including the U.S., China and Brazil, and posted sales of 4.1 billion euros last year.

"Today, the driver is steering the car, and tomorrow it'll be the electronics of the car," said Ferdinand Dudenhoeffer, director of the Center for Automotive Research at the University of Duisburg-Essen in Germany.

Still, Bosch's preferred scenario may have been to continue to work with ZF on steering components rather than help strengthen a competitor by buying half the JV for an undisclosed sum.

"Bosch is gaining a significant competitor that they'll have to battle," Dudenhoeffer said. "I don't think it was Bosch's preferred scenario."

The Stuttgart-based manufacturer discounted the threat posed by ZF, as it gains access to what Bosch CEO Volkmar

Denner said was "core technology" for driverless vehicles. "We like competition," Denner said Monday on a conference call with reporters. "We have no problem" with ZF's ambitions.

http://europe.autonews.com/article/20140916/ANE/140919887/bosch-benefits-from-zfs-bid-to-buy-trw