ZF Friedrichshafen AG

Assets

As of October, 2017, ZF integrates about 230 manufacturing enterprises in 40 countries of the world.

Business in Russia

The ZF Friedrichshafen AG concern is provided in Russia by affiliated firm TsF Russiya LLC (Moscow and St. Petersburg) and joint venture TsF KAMA LLC (Naberezhnye Chelny).

History

2020: The plan of dismissal up to 15,000 workers

In May, 2020 ZF Fridrichshafen, one of the largest producers automobile spare parts and component parts in Germany, announced intention to dismiss the from 12,000 to 15,000 employees, and, at least, a half of them will be Germans.

Total number of employees of the company as of the end of 2019 was 147,797 people in more than 40 countries. From them about 51 thousand are the share of Germany from which about 40 thousand participate in the state scheme of the support designed to avoid dismissals in the period of a pandemic.

"Our company will suffer heavy financial losses in 2020" — the head of ZF Wolf-Hennig Shayder in the letter to workers who also reported that revenues of the company will be much lower than the objects set earlier within, at least, two years warned.

"These losses threaten our financial independence, and if we are not able to achieve particular purposes on costs, external creditors can demand an opportunity to have impacts on our business solutions", said in the letter.

The company management noted improvement of demand determinants from China, however emphasized that it is not enough to compensate its falling in other regions. For ZF the Chinese market represents only 20% of sales volume.

2019

Decrease in profit by 0.6 billion euros

In 2019 decrease in profit of ZF by 0.6 billion euros was recorded.

Purchase of the Swiss producer of brakes Wabco for 7 billion euros

In March 2019 ZF purchased the Swiss producer of brakes Wabco for 7 billion euros what attracted 4.8 billion euros in the capital market to. For May, 2020 the transaction still is in process of closing.