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:
“Laughter on American television has taken the place of the chorus in Greek tragedy.... In other countries, the business of laughing is left to the viewers. Here, their laughter is put on the screen, integrated into the show. It is the screen that is laughing and having a good time. You are simply left alone with your consternation.”
—Jean Baudrillard (b. 1929)
“The Cairo conference ... is about a complicated web of education and employment, consumption and poverty, development and health care. It is also about whether governments will follow where women have so clearly led them, toward safe, simple and reliable choices in family planning. While Cairo crackles with conflict, in the homes of the world the orthodoxies have been duly heard, and roundly ignored.”
—Anna Quindlen (b. 1952)