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ZF to acquire Cherry Corporation
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29/07/2008
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ZF Friedrichshafen AG is further expanding its worldwide automotive supplier position for driveline and chassis technology with the announcement that upon Government approval, it will acquire the Cherry Corporation.
“With ZF Electronics, we are reinforcing our competence profile in the fields of mechatronics and electronics,” stated Hans-Georg Härter, ZF’s ceo and president. “We can swiftly apply Cherry’s know-how to our future tasks in driveline and chassis technology.”
Cherry develops and produces switches, sensors, control units, and electronics modules for the automotive industry, components for industrial and household applications, and computer input devices.
Peter Cherry, chairman and president of Cherry said: “This transaction has great strategic value as it will allow Cherry to expand its current customer base and ZF will bring substantial additional resources for future growth in all of Cherry’s product segments. There are many opportunities for incorporating Cherry’s technologies into the broad range of ZF applications.”
Cherry will continue as an independent business unit called ZF Electronics in the ZF Group.
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Author
Mike Richardson
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