ZF Friedrichshafen AG is awaiting government approval to acquire Cherry Corporation to help further expand the company's leading worldwide automotive supplier position for Driveline and Chassis Technology.
An electronics manufacturer, Cherry develops and produces switch systems, sensors and control units for the automotive industry and has production locations in Germany, the Czech Republic, Mexico, Hong Kong, China and India. In 2007, Cherry had sales of approximately $400 million, with 3,100 employees worldwide.
"With ZF Electronics, we are reinforcing our competence profile in the fields of mechatronics and electronics," says Hans-Georg Härter, ZF's CEO and president. "In particular for our future tasks in driveline and chassis technology, we can swiftly apply Cherry's know-how."
Cherry's technology is incorporated in mechatronics modules, sensor systems, operating switches, selector lever modules and keyless entry electronics.
"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," says Peter Cherry, company chairman and president.
For more information, visit Cherry online.