MENU

LG acquires Austrian automotive lighting company

Business news |
By eeNews Europe

For already a year, rumors of imminent sales talks between ZKW and interested parties have been circulating. According to reports, Panasonic, Magna and B&C Holding were interested. However, they withdrew from the sales process earlier due to the seller’s high price expectations. LG is said to have paid 1.1 billion euros for the acquisition.

The previous owner of ZKW, Ulrich Mommert, is 77 years old and plans to retire from the business, reports say. LG has issued a 5-year job guarantee for the approximately 3,450 employees of ZKW in Austria. ZKW also runs branches in the Czech Republic, Slovakia, China, India, Mexico and the USA.

Following the takeover by LG, ZKW is planned to become an independent unit. The Austrian company is to function as a worldwide competence center for automotive lighting within the LG Group. ZKW described the takeover as a “strategic merger”. The synergies with LG should enable the group of companies to take on the global leadership role in vehicle lighting technology; the company also has plans for Advanced Driver Assistance Systems (ADAS) and autonomous driving.

ZKW’s successes include equipping BMW vehicles of the i8 series with laser headlights.

Related articles:

BMW develops laser-based headlight technology

Automotive lighting: a billion-dollar market arises

Audi to test laser headlight at Le Mans race


Share:

Linked Articles
eeNews Embedded
10s