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MERGERS: The Antimonopoly Office of the Slovak Republic approved the concentration of Zhuzhou Times New Material Technology and ZF Friedrichshafen

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The Antimonopoly Office of the Slovak Republic approved the concentration grounded in acquisition of indirect exclusive control of the undertaking Zhuzhou Times New Material Technology Co., Ltd. People´s Republic of China („Zhuzhou“) over the part of the enterprise of the undertaking ZF Friedrichshafen AG, Germany („ZF Friedrichshafen“).

Company Zhuzhou acts mainly in the area of production of automobile antivibration systems („AVS“), AVS products for railway engines, soundproof and noise reducing products and decoration plastic products for automobiles. Main production is concentrated outside Europe and it does not operate in Slovakia at all.

Company ZF Friedrichshafen is the highest parent company of more daughter companies acting mainly in the area of research and development, production and sale of automobile AVS products, namely automobile systems of suspension of driving units (engine suspension, gear suspension etc.) and AVS products for body. Daughter companies also act in the area of automobile plastic components used as functional plastics replacing steel. Concentration refers to transfer of the part of enterprise ZF Friedrichshafen referring to AVS for automobiles, namely the assets in Germany and the daughter companies in various countries.

In the territory of the Slovak Republic ZF Friedrichshafen acts through the company ZF Boge Elastmetall Slovakia a.s. dealing with the production of silentblocks and systems of shock absorption and is also subject to this transfer (except the assets referring to production of oil discs and organic covers).

Business activities of parties to concentration horizontally overlap only in the area of antivibration systems for automobiles. In this case no impacted markets have been identified.

After evaluating all available documents and information, the Office concluded that the concentration at case would not significantly impede effective competition in the relevant market particular through the creation or strengthening of a dominant position.