July 18, 2007 -- German driveline and chassis technologies supplier ZF Friedrichshafen AG has taken over Czech developer of automotive systems Value Engineering Services (VES) for an undisclosed sum, the former owner of VES, Heinz Wigges, said on July 13, 2007. The successor company will be named ZF Engineering Pilsen and will boost the number of its research personnel to 150 from the current 60. ZF Friedrichshafen employs 57,000 worldwide and operates in 120 localities. Its turnover stood at 11.6 bln euro ($16 bln euro) in 2006, up by 8.0 pct on the year. VES, based in Plzen, western Bohemia, opened a 100 mln Czech crowns ($4.9 mln/3.5 mln euro) plant in April 2005. The company's revenue grew by about one-third to 3.4 mln euro ($4.7 mln) in 2006 against 2005.
Source: Czech News Digest
Source: Factiva
