On 25 July 2011, the boards of ZF Friedrichshafen AG (“ZF”) and Hansen Transmissions International NV (“Hansen”) announced the terms of a recommended cash offer for the entire issued and to be issued share capital of Hansen to be made by ZF International BV, a wholly owned subsidiary of ZF.
On 6 October 2011, ZF announced that all of the conditions to the Offer had been satisfied and declared the Offer unconditional in all respects. The delisting of Hansen from the London Stock Exchange is expected as from 16 November 2011, and Hansen will become a full subsidiary of the substantially larger ZF Group.
Strategic decision of ZF to enter wind energy ZF has made a strategic decision to enter the growing and exciting field of wind energy. In June 2010 ZF announced an agreement to supply wind turbine gearboxes to Vestas Wind Systems A/S. The wind turbine gearboxes are to be manufactured at a new production facility in the United States (State of Georgia).
Commenting on the acquisition of Hansen, Hans-Georg Härter, Chief Executive Officer of ZF said:
“ZF has a strategic objective to achieve technology leadership and worldwide presence across all of its business units. The combination of ZF and Hansen’s wind gearbox activities represents a natural extension of our strategic decision to enter the growing and exciting field of wind energy. It will bring together substantial manufacturing and engineering expertise – and strong research and development capability – with a stable and supportive ownership structure. We are committed to leveraging this worldwide platform to develop this business through investment in growth, creating significant opportunities for the highly skilled management teams and employees of both companies.”
“Hansen’s employees and management are now part of a substantially larger group and we are convinced that they will benefit from increased opportunity as a result. ZF recognizes and respects the skills and experience of the existing employees and management of Hansen.”
Increased opportunities for Hansen
Commenting on the Offer, Alex De Ryck, Chief Executive Officer of Hansen said:
“The employees and management of Hansen have succeeded in building Hansen into one of the global leaders in gearboxes for gear-driven multi-megawatt wind turbines despite very challenging market conditions in recent years. Within the ZF group we will build on our existing platform to further expand globally and enhance our market position. The combination of Hansen and ZF’s wind activities will provide Hansen and its employees with a supportive, long-term owner.”
New business unit Wind Power Technology of ZF
The existing wind gearbox activities of the ZF Group will be merged with the activities of Hansen into the new business unit Wind Power Technology of ZF.
This new business unit allows wind turbine customers to access one of the world leaders in wind turbine gearboxes with a dedicated focus on multi-MW technology and a worldwide manufacturing presence with plants in the USA, Europe, India and China.
[mappress]
Source: hansentransmissions, November 11, 2011