“This business can grow very quickly, but it has relatively low margins. It needs fresh capital,” which is why ZF had been looking for a partner, said Klein.
ZF wants to use the proceeds to reduce debts.
The joint venture agreement is expected to become effective within six to nine months of signing pending regulatory approvals.
Klein, who said that he did not rule out Foxconn taking over further shares later, does not anticipate any major difficulties during the German…
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