FRANKFURT, Aug 30 (Reuters) - German auto supplier ZF on Wednesday said it sold its Body Control Systems division to China’s Luxshare.
ZF and Luxshare declined to give a price for the transaction.
Luxshare Precision Industry Co., headquartered in Dongguan, China, makes cables and cable connectors for computers as well as communications and consumer electronics for automobiles and medical technology.
ZF’s Body Control Systems unit makes electronic parts for dashboards including switches, heating and air conditioning controls and displays, integrated electronic centre panels and modular steering column controls.
In December, ZF Chief Executive Stefan Sommer was asked whether fetching $1 billion for the Body Controls unit was a reasonable guess. He replied: “That would not be a complete shot in the dark.” (Reporting by Edward Taylor; Editing by Maria Sheahan)