Electronics Production |
ZF to acquire Cherry Corporation
Upon government approval, ZF Friedrichshafen will acquire the Cherry Corporation, headquartered in Pleasant Prairie, Wisconsin, with production locations in Germany, the Czech Republic, Mexico, Hong Kong, China, and India (India is a joint venture with TVS Group).
"With the new ZF Electronics, we are reinforcing our competence profile in the fields of mechatronics and electronics" underlined Hans-Georg Härter, ZF's CEO and President. "In particular for our future tasks in driveline and chassis technology, we can swiftly apply Cherry’s know-how."
Cherry was founded in 1953 and develops as well as produces switches, sensors, control units, and electronics modules for the automotive industry, components for industrial and household applications, and computer input devices. Cherry’s comprehensive know-how for electronics, software, mechatronics, and plastics technology is, for example, currently incorporated in mechatronics modules, sensor systems, operating switches, selector lever modules, and keyless entry electronics.
The company employs approximately 3,100 employees worldwide, half of the workforce is located in Germany, with headquarters in Auerbach, between Nuremberg and Bayreuth. For the rest of world, Cherry has approximately 900 employees in North America, 250 in Asia, and 400 in Eastern Europe. Total sales account for US$ 400 million (€250 million) with 65 percent generated in Europe.
