ZF merges AVS unit into Chassis division

ERJ staff report (DS)

Friedrichshafen, Germany -- ZF group said it has merged itsRubber-Metal Technology business unit into its Car Chassis Technology division. In doing this, it moved many of the activities to Asia.

The move was part of a more general restructuring in the face of intense financial pressure during the 'crisis year'.

Overall, the group reported sales down by around 25 percent, at euro 9300 million. In 2010 ZF will continue to stick to its goal of maintaining the core workforce in Germany. "Thanks to a comprehensive restructuring program, we are back on course for growth," says ZF CEO Hans-Georg Härter.

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Press release from ZF