Illinois Tool Works Inc. (NYSE:ITW) today announced that it has reached a definitive agreement to acquire the Engineered Fasteners and Components business (EF&C) from ZF TRW for approximately $450 million.
EF&C, a leading global supplier of engineered fastening systems and interior technical components to the Automotive OEM market, generated revenues of approximately $470 million in 2015. Headquartered in Germany, the company operates 13 manufacturing facilities globally and employs approximately 3,500 people.
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via ITW to Acquire ZF TRW Engineered Fasteners and Components Business | Investor Relations | ITW.