ZF to take over Bosch Rexroth's wind turbine gearbox business
ZF wind turbine gearbox. Source: ZF Friedrichshafen AG. License: All rights reserved
German driveline and chassis technology firm ZF Friedrichshafen AG said on Wednesday it will acquire the industrial gears and wind turbine gearbox operations of Bosch Rexroth AG.
ZF announced in a statement it has inked the deal yesterday, but did not disclose its financial terms. The transaction involves the purchase of Bosch Rexroth’s two production locations in Witten, Germany and Beijing, China and the transfer of over 1,200 employees in total. Also, ZF will take over Bosch Rexroth’s service location in Lake Zurich, the US.
While the deal allows ZF to enter the industrial gears market, it also bolsters the company’s existing wind turbine gearbox activities. ZF noted that the factory being acquired in Beijing is focused exclusively on the production of wind turbine gearboxes.
"The acquisition of the industrial gears and wind turbine gearbox segments of Bosch Rexroth AG is an excellent supplement to our Industrial Technology portfolio and opens up new customer groups," commented ZF CEO Stefan Sommer.
Bosch Rexroth’s large gearbox business generated about EUR 300 million (USD 340.9m) in sales last year. The company will retain its small gearbox production operations.
The takeover needs to be cleared by the antitrust authorities.