Business Development
In 1999 the steering systems division was made separate and became the new ZF Lenksysteme GmbH, an independent, 50:50 joint venture between ZF Friedrichshafen AG and Robert Bosch GmbH.
In 2007 ZF Friedrichshafen AG managed to increase its business volume about 8% to 12.65 Billion Euros. The operating profit was about 917 Million Euros. In 2008 ZF had a profit of 434 Million Euros from a total business volume of 12.5 Billion Euros. During the financial crisis ZF was one of the companies hit most. Its business volume decreased in turnover to 9.2 Billion Euros. Total loss was about 421 Million Euros. According to the current development ZF is forecasting sales growth of about 10%, which would be above the industry average.
Due to the financial crisis ZF received a credit of about 250 Million Euros by KfW. At the end of the term, it has to be paid back with interest. Being a state bank, the KfW aid is not considered governmental support. ZF is about to save 600 Million Euros without reducing its permanent staff. Contracts of short-term-employees were not extended. Total number of employees was reduced from 63.000 to 59.000 worldwide. According to CEO Härter, there is no need for further employee reduction.
Read more about this topic: ZF Friedrichshafen
Famous quotes containing the words business and/or development:
“The point is that nationalism, even in its latest madhouse frenzies under Mussolini and Hitler, is still, like advertising, an arm of big business. Nations as we know them today, were the invention of business and it is natural that business should still consider itself slightly above patriotism and that the strongest international should still be the international of profits.”
—John Dos Passos (1896–1970)
“The highest form of development is to govern one’s self.”
—Zerelda G. Wallace (1817–1901)