WiredInUSA May 2016

INDEX

$450m fastener deal

Illinois Tool Works Inc (ITW) has reached a definitive agreement to acquire Engineered Fasteners and Components (EF&C) from ZF TRW for approximately $450 million. Enkenbach, Germany, EF&C produces engineered fastening systems and interior technical components for the automotive OEM market in nine countries. and Components business will be a highly complementary addition to ITW’s automotive OEM segment, which will broaden our ability to serve our customers and further expand our long-termorganic growth potential,” said Sundaram Nagarajan, ITW executive vice-president. “In addition, we believe there will be significant opportunity to enhance the performance of the business through the application of ITW’s 80/20 business process.” Headquartered in “The Engineered Fasteners

“ZF Fasteners and Components business is a well known and respected manufacturer of highlyengineered fasteners and components serving leading automotive manufacturers in all major regions,” said Franz Kleiner, CEO of ZF TRW and a member of the ZF board of management. “We are fortunate to be selling this business to a highly respected expert in the development and supply of fasteners and components that is seeking to grow its worldwide business.” While the Engineered Fasteners and Components business is successful and profitable, ZF says it is primarily concentrating on the growth of its core businesses in advanced safety, efficiency, electrification and the further development of automated driving. ITW intends to run Engineered Fasteners and Components as a stand-alone division within its automotive OEM segment. TRW’s Engineered

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wiredInUSA - May 2016