According to reports, German ZF company is gradually selling its rubber and plastics business. Zhuzhou Times New Materials Technology Co., Ltd. is interested in taking over and is in contact with ZF.
CSR subsidiary intends to acquire
According to the latest news, Zhuzhou Times New Material Technology Co., Ltd. has issued an offer to ZF to acquire the Rubber & Plastics Business Unit of the latter. However, according to CSR Corp., parent company of Zhuzhou Times New Materials, it is still in an early stage of negotiations and no confirmation has been signed with ZF. The specific information about this acquisition is still unknown.
In late August, ZF stated that it is considering the sale of its Rubber and Plastics Business Unit and has already initiated preliminary negotiations with a company of interest. The intentional buyer may refer precisely to the new materials of Zhuzhou Times, when ZF expects the two parties to reach a deal within a few weeks at the earliest.
Zhuzhou Times New Material Technology Co., Ltd. is located in Zhuzhou, Hunan, China. Its main business is manufacturing rubber NVH (Nose Noise, Vibration, Harshness, Roughness) components, polymer composite materials, thermal insulation materials and Special packaging materials. The company's main controlling shareholder is China South Locomotive Co., Ltd.
ZF plans to sell rubber and plastics business
ZF Rubber & Plastics is part of the company's Automotive Chassis Technology division. This department has four sub-sectors, and the other three are Chassis Systems, Chassis Components, and Suspension Technology.
The business unit has approximately 3,400 employees worldwide. In 2012, its operating income was 718 million euros, or approximately RMB 6 billion, which represents a year-on-year increase of 6%. ZF Rubber & Plastics has three factories and R&D facilities in Germany. The company employs 1,700 people and has operations in Shanghai, China, Sorocaba, Brazil, Melbourne, Australia, and Trnava, Slovakia.
ZF explained that in the past period of time, mergers and acquisitions in the rubber and plastics industry have intensified competition in the auto parts supplier market. By contrast, competitors have higher cost advantages and more flexible business structure. Therefore, ZF began to re-examine the development strategy of its rubber and plastics business.
China focuses on development
Foreign media pointed out that although ZF is preparing to sell its rubber and plastics business, the company still sees China as an important growth market. In 2012, ZFâ€™s revenue in the Chinese market reached 2.1 billion euros, or approximately RMB 17.4 billion, an increase of 22% year-on-year.
ZF currently employs more than 5,000 people in China, which accounts for 12% of its global workforce.
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