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ZF supported by automotive industry trends and increasing safety regulations
Date: March 26, 2024
Friedrichshafen, Germany- ZF Group., has announced the rebranding of its Passive Safety Systems division to “ZF LIFETEC”. The ZF Group's Passive Safety Systems segment is currently legally separated, which includes the new identity. ZF Passive Safety Systems had revenues of about €4.7 billion in 2023. Leading supplier of passive safety systems, ZF LIFETEC is motivated by megatrends in the automobile industry and ever-tougher safety rules to further boost sales and profitability as a stand-alone enterprise.
Dr. Holger Klein, CEO of the ZF Group, said that Our segment for Passive Safety Systems has grown really well. ZF LIFETEC now has the strategic potential to significantly increase sales growth and profitability as a stand-alone brand. The carve-out is going nicely, and we're still looking into ways to improve ZF LIFETEC in the future.
Dr. Martin Fischer, Member of the Board of Management of the ZF Group responsible for the Passive Safety Systems division. Said that, The Passive Safety Systems division's autonomous positioning and goals are made clear both within and internationally with the launch of the new brand ZF LIFETEC today.
Mr. Rudolf Stark, Head of ZF Passive Safety Systems, said, Our goal of saving lives is combined with our technology-driven approach under our new ZF LIFETEC brand. Our goal is expansion, propelled by worldwide safety requirements and automotive megatrends. Our new brand is synonymous with exceptionally high standards of passenger safety.
In order to facilitate greater growth in sales and profitability, ZF Group started the carve-out of its Passive Safety Systems segment in October 2022. This move gave the company additional strategic choices for its future development. ZF LIFETEC is now embarking on a road to become a stand-alone business with the new brand, capitalizing on its strong position in a structurally growing market that is less impacted by changes in the automotive sector.
