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Huayu Automotive Systems signed an agreement to acquire ZF Friedrichshafen's 50% stake in Shanghai Sachs Powertrain Component Systems for CNY 65 million (USD 9.5 million), making the joint venture a wholly owned subsidiary.
ZF is divesting its Global Body Control Systems Business Unit to Hong Kong-based Luxshare. The business has nearly 6,000 employees at 16 locations in eleven countries and will remain headquartered in Radolfzell, Germany.