FRANKFURT -- ZF Friedrichshafen is considering a takeover of competitor Wabco, Handelsblatt reported on Wednesday. A person close to the matter confirmed the report for Reuters.
ZF's supervisory board has already discussed a potential acquisition of Wabco, Handelsblatt reported, citing financial sources, adding that no decision had been taken.
Wabco, based in Brussels, specializes in braking control systems and other safety technologies for commercial vehicles. Last week Wabco reported record annual sales and earnings, posting net income of $418 million on revenue of $3.83 billion. It employs about 15,000 people in 40 countries.
"ZF regularly reviews strategic options for action, including acquisitions, but there is no decision in this direction," a ZF spokesman said.
ZF has done large acquisitions in the past and in 2014 bought TRW Automotive for $13.5 billion to expand into the potentially lucrative self-driving car market.
In June, ZF CEO Wolf-Henning Scheider, when asked if Wabco could still be of interest, said that brakes were not a priority for ZF at the moment as it focuses on the switch to electric and autonomous driving. ZF plans to invest more than 12 billion euros ($13.6 billion) into e-mobility and autonomous driving.
ZF ranks No. 5 on the Automotive News list of the top 100 global suppliers with worldwide sales to automakers of $34.5 billion in 2017.
Automotive News contributed to this report.
