Read Microsoft Word - ZFLS Florence Release - June 2008 _2_.doc text version

CONTACT:

Frank Buscemi ZF Group NAO Corporate Communications 734-207-2820 [email protected]

FOR IMMEDIATE RELEASE June 10, 2008

ZF LENKSYSTEME EXPANDS STEERING OPERATIONS IN FLORENCE, KENTUCKY

NORTHVILLE, Mich. ­ ZF Lenksysteme ­ the steering technology division of ZF (a 50-50 joint venture between ZF and Robert Bosch Corporation) ­ will expand its ZF Steering Systems L.L.C. operations in Northern Kentucky. The group will move from its current 108,000 square-foot facility in Hebron, Ky., to the 240,000 square-foot ZF Sachs facility in Florence, Ky., to expand its operations in North America and make room for new projects. ZF Sachs is moving all shock absorber production operations to its facility in Guadalajara, Mexico. This move was announced during 2007. ZF Steering Systems consolidated all of its steering production in North America to Hebron during 2006. The full relocation of both divisions is expected to be completed by the end of 2008. The company was approved by the Kentucky Economic Development Finance Authority for $2 million in preliminary tax credits as part of the KIDA program earlier this year. " W e have gained some substantial new contracts to produce electric power steering for automakers here in North America, and this move gives us the opportunity to remain in the area, along with the necessary space for increased production, " said Mike Hirsch, Vice President of Operations Passenger Car Steering Systems, ZF Lenksysteme North America. Currently, there are 365 employees at the Hebron location. The move is expected to create an estimated 175 additional jobs. ZF will invest more than $30 million in the facility in upgrades and equipment for upcoming projects. " O n behalf of the Boone County Fiscal Court, I am pleased with ZF Steering Systems announcement which means an increase in jobs and a significant capital investment. This project demonstrates the ability of Northern Kentucky companies to compete in a global economy," said Boone County Judge Executive, Gary Moore. Diane Whalen, Mayor, City of Florence added: " Florence is proud that ZF Steering Systems chose to expand in our city. The company has and continues to be a valued member of our Northern Kentucky business community. "

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ZF Lenksysteme GmbH is a joint venture company that is parity-owned by Robert Bosch GmbH and ZF Friedrichshafen AG. A recognized specialist and technology leader in the field of steering systems, it employs more than 10,000 people at 17 locations in 10 countries. In fiscal 2007, the ZFLS Group reported sales of around EUR 2.6 billion.

About Northern Kentucky Tri-ED Founded in 1987, the Northern Kentucky Tri-County Economic Development Corporation (Northern Kentucky Tri-ED) is the primary economic development marketing agency for Boone, Kenton, and Campbell counties in Northern Kentucky. Since 1987, over 460 companies have located or expanded in Northern Kentucky accounting for 45,165 new primary jobs and $4.378 B in capital investment. Northern Kentucky Tri-ED is a key partner in Vision 2015, a 10-year strategic plan for growth in the region. For more information, visit www.NorthernKentuckyUSA.com.

About KCED

The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for creating new jobs and new investment in the state. New business investment in Kentucky in 2007 totaled nearly $2 billion with the creation of over 13,400 new jobs. Information on available development sites, workforce training, incentive programs, community profiles, small business development and other resources is available at www.ThinkKentucky.com.

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