Trucking news and briefs for Tuesday, June 2, 2020:
ZF completes acquisition of Wabco
ZF Friedrichshafen AG announced last week it has completed its acquisition of component supplier Wabco.
Wabco shares, previously publicly traded on the New York Stock Exchange, ceased trading with the deal’s closure on May 29. As reported last year, the acquisition is an all-cash deal for ZF to acquire all outstanding Wabco shares for $136.50 per share for an equity value of over $7 billion.
The acquisition combines Wabco’s capabilities in commercial vehicle safety, including braking and suspension technologies and more, with ZF’s driveline and chassis technologies.
In the future, Wabco will operate as its own division within ZF – Commercial Vehicle Control Systems – becoming the 10th division of the Germany-based technology company.
The new Commercial Vehicle Control Systems division employs around 12,000 people at 45 locations worldwide and will work closely with ZF’s existing Commercial Vehicle Technology division, ZF’s aftermarket division and the global development team. Jacques Esculier, chairman and CEO of Wabco, decided to retire from his role. The former head of ZF’s Commercial Vehicle Technology division, Fredrik Staedtler, will head up the new division.
Paccar Parts opens new Las Vegas distribution center
Paccar Parts opened in May a new parts distribution center in Las Vegas that services 95 Kenworth, Peterbilt and TRP locations in southwestern U.S. and northwestern Mexico.
The new distribution center has three times the capacity of the facility it replaced, the company says.
“The operations investment in the new Las Vegas facility will positively impact our dealers and customers,” said Tom Floyd, PACCAR Parts senior director – operations. “With a shipping accuracy of 99.98 percent and order fulfillment rate of 99 percent, the Las Vegas PDC will provide quality parts and service that is unmatched in the industry.”