Source: WABCO announcement
BERN, Switzerland and FRIEDRICHSHAFEN, Germany, May 15, 2020 – WABCO Holdings Inc. (NYSE: WBC) and ZF Friedrichshafen AG have announced that the Chinese State Administration for Market Regulation provided regulatory clearance for their previously announced merger.
All required regulatory approvals have now been received and WABCO and ZF expect to close the merger on May 29, 2020, subject to the satisfaction of all other closing conditions.
WABCO and ZF Expect Merger Closing in Q2 2020
WABCO (NYSE: WBC) is a leading global supplier of braking control systems and other advanced technologies that improve the safety, efficiency and connectivity of commercial vehicles. Originating from the Westinghouse Air Brake Company founded nearly 150 years ago, WABCO is powerfully “Mobilizing Vehicle Intelligence” to support the increasingly autonomous, connected and electric future of the commercial vehicle industry. WABCO continues to pioneer innovations to address key technology milestones in autonomous mobility and apply its extensive expertise to integrate the complex control and fail-safe systems required to efficiently and safely govern vehicle dynamics at every stage of a vehicle’s journey – on the highway, in the city and at the depot.
Today, leading truck, bus and trailer brands worldwide rely on WABCO’s differentiating technologies. Powered by its vision for accident-free driving and greener transportation solutions, WABCO is also at the forefront of advanced fleet management systems and digital services that contribute to commercial fleet efficiency. In 2019, WABCO reported sales of over $3.4 billion and has almost 14,000 employees in 40 countries. For more information, visit www.wabco-auto.com.
About ZF Friedrichshafen AG
ZF is a global technology company and supplies systems for passenger cars, commercial vehicles and industrial technology, enabling the next generation of mobility. With its comprehensive technology portfolio, the company offers integrated solutions for established vehicle manufacturers, mobility providers and start-up companies in the fields of transportation and mobility. ZF continually enhances its systems in the areas of digital connectivity and automation in order to allow vehicles to see, think and act. In 2019, ZF achieved sales of €36.5 billion. The company has a global workforce of 148,000 with approximately 240 locations in 41 countries.