According to reports, ZF is considering selling its steering system business in order to resolve the obstacles that may be encountered by the anti-monopoly authorities, thus clearing the barriers for the acquisition of Tianhe .
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ZF currently co-operates with the Bosch Group, a joint venture company - ZF Steering Systems, Inc. (ZF Lenksysteme GmbH), the two sides holding 50%, respectively. According to sources recently revealed that ZF is considering transferring the shares of the joint venture company to Bosch.
ZF established ZF Steering Systems with Bosch in 1999. At present, the joint venture company has factories in eight countries and employs more than 13,000 people worldwide. According to company documents, ZF Steering Systems' operating revenue in 2013 was 4.11 billion euros (approximately US$5.5 billion).
In addition, TRW Group also has a considerable amount of steering system business. In 2013, operating income in this area reached US$2.7 billion, accounting for 15.5% of its overall revenue, and the company’s electronic power steering system It is also seen as a major driving force for future growth.
According to anonymous sources, ZF hopes to arrange a plan for the sale of its steering system business prior to the agreement with Tianhe, which is a major obstacle to the merger of the two companies. In this regard, ZF, TRW, and Bosch declined to comment.
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