FRIEDRICHSHAFEN, Germany & PLEASANT PRAIRIE, Wis. — ZF Friedrichshafen AG is expanding its global Driveline and Chassis Technology portfolio with a new, pending acquisition. Upon government approval, ZF will acquire Cherry Corp., headquartered in Pleasant Prairie, Wis.
Founded in 1953, Cherry develops as well as produces switches, sensors, control units and electronics modules for the automotive industry, components for industrial and household applications and computer input devices. Cherry’s comprehensive know-how for electronics, software, mechatronics and plastics technology is, for example, currently incorporated in mechatronics modules, sensor systems, operating switches, selector lever modules and keyless entry electronics. The company was recognized for innovation and performance with the award for the "Best Factory of the Year 2005," and at the end of 2006 with the "Automotive Lean Award," as well as in 2008 with the "Bavarian Quality Award."
Cherry has production locations in Germany, the Czech Republic, Mexico, Hong Kong, China and India (India is a joint venture with TVS Group). In 2007, Cherry had sales of approximately $400 million with 3,100 employees worldwide.
"With the new ZF Electronics, we are reinforcing our competence profile in the fields of mechatronics and electronics," said Hans-Georg Harter, ZF’s CEO and president. "In particular for our future tasks in driveline and chassis technology, we can swiftly apply Cherry’s know-how."
Peter Cherry, chairman and president of Cherry Corp. said, "This transaction has great strategic value; as it will allow Cherry to expand its current customer base and ZF will bring substantial additional resources for future growth in all of Cherry’s product segments. There are many opportunities for incorporating Cherry’s technologies into the broad range of ZF applications."
In addition to ZF, Cherry Corp. counts Autoliv, Valeo, Lear, Kiekert, and Continental among its customers.
