ZKW have agreed to be acquired by LG Electronics, and have published comments on the acquisition:
“ZKW enters a new dimension: the sale of 100% of the shares in the ZKW Group by the sole owner Ulrich Mommert to LG Corporation and LG Electronics was signed. ZKW will partner with the LG Group, one of the largest technology companies in the world, with total revenues of USD $150bn in 2017.
“In order to sustainably expand [ZKW’s] position at the forefront of technological development, ZKW’s owner and management took the decision to enter into this forward-looking partnership with LG, securing ZKW’s long-term successful future. The synergies expected from this strategic alliance will enable the new venture to take the leading role worldwide in automotive lighting technology as well as in autonomous driving.
“Together with ZKW, the LG Group want to become one of the top 10 automotive suppliers worldwide by 2025. ZKW’s product offering optimally complements LG’s existing product and technology portfolio.
“In the long term the corporate headquarters of the ZKW Group will remain in Austria. Following the transaction, the ZKW Group will remain self-sufficient in decisions and actions within the LG Group. The existing management team of the ZKW Group will continue to be responsible for the more than 9,000 employees worldwide. The existing production sites in Austria have been given a guarantee by LG for at least 5 years. ZKW expects the additional growth potential to create even more jobs in all locations.”
