Bendix, Part of Knorr-Bremse Group, to Acquire R.H. Sheppard from WABCO

BERN, Switzerland, Jan. 30, 2020 (GLOBE NEWSWIRE) -- WABCO Holdings Inc. (“WABCO”) (NYSE: WBC) (www.wabco-auto.com), a leading global supplier of technologies and services that improve the safety, efficiency and connectivity of commercial vehicles, today announced it has entered into a definitive agreement to sell R.H. Sheppard Co., Inc. (“Sheppard”) to Bendix Commercial Vehicle Systems LLC (“Bendix”) for $149.5 million. Sheppard is an industry-leading supplier of steering technologies for commercial vehicles. Bendix is an indirect subsidiary of Knorr-Bremse AG, a leading global supplier of braking systems and other safety-critical rail and commercial vehicle systems.

WABCO is divesting Sheppard in connection with the Antitrust Division of the U.S. Department of Justice's review of the proposed merger between WABCO and ZF Friedrichshafen AG (“ZF”), and pursuant to the settlement order approved by the U.S. District Court for the District of Columbia.

The Sheppard transaction is subject to closing conditions and regulatory approvals, and is contingent upon the closing of the ZF acquisition of WABCO, which is expected in early 2020 following receipt of remaining regulatory approvals.

McDermott Will & Emery served as WABCO’s legal advisors and Baird acted as financial advisor.

About WABCO

WABCO (NYSE: WBC) is a leading global supplier of braking control systems and other advanced technologies that improve the safety, efficiency and connectivity of commercial vehicles. Originating from the Westinghouse Air Brake Company founded more than 150 years ago, WABCO is powerfully “Mobilizing Vehicle Intelligence” to support the increasingly autonomous, connected and electric future of the commercial vehicle industry. WABCO continues to pioneer innovations to address key technology milestones in autonomous mobility and apply its extensive expertise to integrate the complex control and fail-safe systems required to efficiently and safely govern vehicle dynamics at every stage of a vehicle’s journey – on the highway, in the city and at the depot. Today, leading truck, bus and trailer brands worldwide rely on WABCO’s differentiating technologies. Powered by its vision for accident-free driving and greener transportation solutions, WABCO is also at the forefront of advanced fleet management systems and digital services that contribute to commercial fleet efficiency. WABCO has more than 16,000 employees in 40 countries. For more information, visit www.wabco-auto.com.