ITW Will Buy ZF TRW’s Fasteners Business

ZF Friedrichshafen AG’s TRW unit has agreed to sell its engineered fasteners and components business to Illinois Tool Works Inc. for about $450 million. The deal is expected to close in the first half of 2016.

The business, which generated sales of $470 million last year, is headquartered in Enkenbach, Germany, and operates 13 locations worldwide that serve customers in Asia, Europe and North America. Glenview, Ill.-based ITW plans to run it as a stand-alone division within its automotive original equipment manufacturers segment.

ZF TRW says the sale will allow it to better focus on growing its core businesses in advanced safety, efficiency, electrification and the development of automated driving technologies.