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ZF Group and Bosch Sign Cooperation Agreement for Steering Technology

23 April 1998

ZF Group and Bosch Sign Cooperation Agreement for Steering Technology

    FLORENCE, Ky., April 23 -- ZF Friedrichshafen AG and Robert
Bosch GmbH reached an agreement on April 22, regarding a joint venture in
steering technology.  The parity relationship includes servo power steerings
and complete steering systems for the automotive industry.  Both parties plan
to combine their expertise in electric, hydraulic and mechanical steering
systems and supply the global automotive industry through an international
network of production facilities, sales and services.
    As a leading independent supplier of transmissions, steering systems,
axles and chassis components, the ZF Group, headquartered in Friedrichshafen,
Germany, will consolidate all of its activities in the areas of steering
technology and steering columns in this joint venture.
    Robert Bosch GmbH, headquartered in Stuttgart, Germany, will contribute
its expertise in the development and production of electronic controls, sensor
systems and electric drives for steering systems.
    The planned joint venture with its independent development, production,
sales and services departments will be headquartered in Schwabisch Gmund,
Germany, upon approval by the Supervisory Bodies of both companies and the
Cartel Authority.

SOURCE  ZF Group North American Operations