ZF Buys Stake in German Engineering Firm

ZF Friedrichshafen AG has acquired a 35% stake in ASAP Holding GmbH, an engineering services company based in Gaimersheim, Germany.

ZF made the acquisition through its 2-year-old Zukunft Ventures GmbH unit. Terms weren’t disclosed.

ASAP specializes in autonomous driving, e-mobility, connected cars and vehicle software. The company provides software and validation testing support. The company has about 1,100 employees worldwide and posted sales of $84 million in 2017.

Last month, ZF CEO Wolf-Henning Scheider said the company will invest €12 billion ($13.8 billion) in autonomous and electric vehicle technologies over the next five years.