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By Markus Klausen and Andrea Figueras
German automotive supplier ZF Friedrichshafen said Monday that it is exploring several options regarding a sale of its passive safety business, as well as an initial public offering.
The company said it expects to come to a decision on the division, which includes airbags, seat belts and steering wheels, in 2024, depending on the development of the market. An investment bank is now seeking potential investors.
“We are currently taking the first step toward a carve-out,” Chief Executive Holger Klein told journalists on the sidelines of the IAA Mobility show in Munich.
With the total or partial sale of the business unit, the company intends to further reduce its debt, which will enable it to pay less interest and invest more money in research and development, ZF said.
“At this point, we have more ideas than money. That’s why we want to focus our technology portfolio,” Klein said.
The division employs around 33,000 people and generated one 10th of the privately owned group’s sales of 43.8 billion euros ($47.2 million) last year.
Write to Markus Klausen at [email protected] and Andrea Figueras at [email protected]
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