Taiwan’s Foxconn to take 50% stake in ZF axle system unit

Taiwan’s Foxconn will acquire a 50% stake in ZF Group’s axle system assembly unit, creating a joint venture (JV) aimed at growing automotive and supply chain opportunities, the companies said on Monday.

The deal, which values ZF’s Chassis Modules GmbH at €1 billion ($1.11 billion), will allow the companies to expand the range of product offerings in the internal combustion engine and electric vehicle space, they said in a statement.