Gleiss Lutz has assisted ZF TRW, the Active and Passive Safety division of ZF Friedrichshafen AG, on the definitive sale agreement of its global Engineered Fasteners and Components business for approximately USD 450 million. The purchaser is the US group Illinois Tool Works Inc. (ITW).
ZF TRW’s Engineered Fasteners and Components business employs 3,500 employees at 13 sites in nine countries, serving customers in Europe, Asia and North America.
ITW currently has nearly 50,000 employees worldwide. The group will operate ZF TRW’s Engineered Fasteners and Components business as a standalone division within its automotive OEM segment. Pending customary closing conditions and regulatory approvals, the transaction is expected to close in the first half of 2016.
ZF TRW was advised by the following team of Gleiss Lutz lawyers: Dr. Detlef Bauer (lead, partner, corporate/M&A, Frankfurt), Dr. Lars Jeschke, Peter Schaub (corporate/M&A), Dr. Wolfgang Bosch (partner, competition/antitrust, Frankfurt), Dr. Thomas Winzer (partner), Dr. Tobias Abend, Verena Hechenblaikner (all employment, Frankfurt), Dr. Philipp Naab (counsel), Dr. Claudia-Maria Wirth (all real estate, Frankfurt), Dr. Stefan Mayer (partner), Melanie Nadler (tax, Frankfurt).
Gleiss Lutz regularly advises ZF on various issues including those relating to corporate and employment law. The law firm previously handled the sale of ZF’s rubber and plastics business to a Chinese investor. In September 2014 Gleiss Lutz advised TRW on its merger with ZF Friedrichshafen and in 2015 on the sale of the Engine Components division to Federal Mogul.
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