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wiredInUSA - May 2016
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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.
Headquartered
in
Enkenbach,
Germany, EF&C produces engineered
fastening systems and interior technical
components for the automotive OEM
market in nine countries.
“The
Engineered
Fasteners
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.”
“ZF
TRW’s
Engineered
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.
$450m fastener deal