With the constant suspicion and speculation in the industry, the German ZF Group (ZF) finally acquired the TRW. On September 15, ZF reached a definitive agreement with TRW . According to the agreement, ZF will acquire all the shares of Tianhe listed shares at a value of US$ 12.4 billion in cash, which is approximately US$ 105.6 per share. If calculated according to the value of the company, the total value of this purchase transaction will be 13.5 billion U.S. dollars. It is reported that the agreement has been unanimously approved by the board of directors of ZF and Tianhe. It is expected that the transaction will be completed in the first half of 2015.
In the Top 100 List of International Auto Parts Enterprises in 2013, ZF and Tianhe ranked 9th and 14th respectively, and the combination of the two companies means that the newly formed entity can capture the second largest in the world. The throne of auto parts suppliers will become a competitor of the same level as German, Bosch , Denso, and German mainland and other parts industry giants, and their right to speak in the international auto market will also be improved. Importantly, the global auto parts market competition landscape may change, and the domestic auto market may be affected.
ZF China's income will double
If ZF, established in 1915, can complete the acquisition of TRW by next year, it will give a big gift to its 100th anniversary. In 2013, ZF’s operating revenue was approximately US$23.2 billion, and Trina’s operating income was US$17.4 billion. In the past 10 years, the average growth rate of operating income of the two companies was 8% and 5% respectively. The combined new company’s total operating revenue will exceed US$41 billion. At that time, ZF’s global business share will also have a big change. 51% of its operating income will come from the European market, 26% from the North American market, and 18% from the Asia Pacific region. Among them, the sales revenue in the Chinese market will increase from US$2.8 billion to US$5.5 billion; the sales revenue in the US market will increase from US$3.9 billion to US$9 billion, both of which will double.
The contribution of the Chinese market to ZF’s overall revenue growth will be increasingly important. Two-thirds of ZAF’s revenue in Asia Pacific comes from China. The official report issued by ZF pointed out clearly that in the next five years, the Chinese auto market will continue to maintain rapid growth, and by 2020 China's light vehicle production will exceed 30 million. In contrast, North American and Western European markets ranked second or third, but the growth rate was far less than that of China. ZF’s Asia-Pacific R&D center is located in Shanghai, China, and can accommodate more than 800 people. It is currently under construction. The 30-minute drive from the R&D center is ZTR’s R&D headquarters in the Asia-Pacific region, which can accommodate more than 2,000 people. After the merger of the two companies, a large-scale R&D team will be formed.
According to a senior person within SkyTeam Asia Pacific, the acquisition is proceeding very quickly, but the specific impact of the acquisition on TRW Asia Pacific is uncertain, and whether the business needs to be adjusted accordingly still requires further planning of the headquarters. Up to now, he has not received notification from the headquarters about business adjustment. At the same time, he also stated that this acquisition is not a one-time move, it is not a matter of months that it can be justified, and it may well have passed the exchange process for at least one year.
In addition, since ZF and Tianhe have a certain amount of car steering business, ZF signed an agreement with Bosch on September 15 to switch from ZF to ZF in order to avoid impediments from anti-monopoly agencies in the EU. The 50% equity interest in System Co., Ltd. was sold to Bosch, guaranteeing the smooth progress of the acquisition. ZF Steering Systems Co., Ltd. was jointly established by ZF and Bosch in 1999. With a revenue of approximately USD 5.5 billion in 2013, it currently has 17 manufacturing sites in 8 countries.
Why TRW is for sale
Why did this cause the acquisition? This is the most discussed topic in the industry since the acquisition news was exposed for two months. According to interviews with reporters, there have been two voices in the industry, of which there are affirmations and doubts.
On the one hand, some people think that ZF's acquisition of Tianhe is a strong joint venture between the two sides. In order to share and obtain a higher market share, it is the full integration and integration of technologies, products, and markets. ZF is committed to improving vehicle fuel efficiency, and has leading technologies in the field of transmission and chassis. TRW is an important supplier in the field of automotive active and passive safety, and has accumulated more experience in driver assistance technology. The combination of the two is complementary to the product line. It is the joint research and development of advanced technologies and the sharing of upstream and downstream industrial chain resources. ZF CEO Stefan Sommer said that he expects TRW to join and form a team with development potential, which will surely enable the company to obtain more benefits in the development of diversification.
On the other hand, there are still industry experts who have told reporters that Tianhe’s choice to “sell out†must be an unspeakable secret, although the overall trend of TRW financial data in recent years is better, but it does not mean that TRW is in various regional markets around the world. Or the product segmentation market has a strong advantage. It is very likely that TRW has emerged crisis or impending crisis in a certain area. Selecting the overall sale may be the most effective way to solve the crisis, and at the same time, such cooperation will be beneficial to the ZF development. And these are difficult to mention in official news.
It is reported that after ZF completed the acquisition, Tianhe will operate independently as a ZF division and will delist from the New York Stock Exchange. An analyst from CITIC Securities told reporters that for the reasons for the acquisition, besides taking into account the company's own operating conditions and market performance, it should also focus on the behavior of capital market operations for profit purposes. If Tianhe withdraws after the acquisition, its dozens of shareholders, including mutual funds and institutions, will receive no small gains.
Or impact the Chinese market
"ZF's cooperation with Tianhe is not only an expansion of scale, but also a strategic cooperation with complementary advantages. It is of great significance to both the enterprise and the industry. The birth of such a giant international component company is bound to happen. It challenged other parts and components companies,†said Fu Yuwu, chairman of the China Automotive Engineering Society.
Industry experts stated that ZF’s acquisition of TRW reflects the consolidation trend of the entire vehicle and parts industry and the integration of modularization, which can fully enhance the core competitiveness of the two companies and enhance their leading position in the global automotive industry chain. . Judging from the international competitiveness, Bosch is the only one in recent years and has opened up distances from Denso, Delphi and other companies. The industry needs to set up a new component enterprise group to adjust the industry structure. On the other hand, the acquisition of TRW by ZF may have a major impact on the domestic auto market and parts and components companies. German cars are very strong in China. In the future, German auto parts may also form a dominant position in China.
Fu Yuwu believes that China's auto industry is big but not strong because of the lack of auto parts suppliers with a certain scale and technical strength. At this stage, China's self-owned brand auto companies have purchased a large number of foreign suppliers of spare parts on the core components to improve the quality of vehicles. Therefore, ZF's acquisition of Tianhe's case has brought inspiration to China's auto industry. How can China's auto parts industry build an industry chain that can effectively integrate high-quality resources in the market, with the advantages of industrialization, grouping, internationalization, and modularization? Parts companies. We need to enhance innovation capabilities of enterprises through research, production, and research. We need cooperation and cooperation among parts and components companies. We need to establish long-term strategic partnerships between auto companies and parts and components companies, and shoulder the historical responsibility of strengthening China's auto parts industry.
2023 New Hot Sale Fiber Laser Cutting Machine A Series
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Laser head structure
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