Sale of R.H. Sheppard Co., Inc. to Knorr-Bremse

Sale of R.H. Sheppard Co., Inc. to Knorr-Bremse


Baird served as financial advisor to WABCO Holdings Inc. on this transaction


WABCO Holdings, Inc. ("WABCO"), through its parent company ZF Friedrichshafen AG (“ZF”), has successfully completed the sale of R.H. Sheppard Co., Inc. (“Sheppard” or the “Company”) to Bendix Commercial Vehicle Systems LLC (“Bendix”), a North America-based subsidiary of Knorr-Bremse AG (“Knorr-Bremse”) (XTRA:KBX) for $149.5 million. The divestment follows ZF’s acquisition of WABCO on May 29, 2020. The planned sale and divestment was previously announced on January 30, 2020, in connection with the Antitrust Division of the United States Department of Justice's review of the merger between WABCO and ZF, and pursuant to the settlement order approved by the United States District Court for the District of Columbia.

WABCO 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, 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 was Founded in 1869 and will operate as an independent division, Commercial Vehicle Control Systems, within ZF Friedrichshafen AG.

Sheppard is an industry-leading supplier of steering technologies for commercial vehicles. The Company’s products include steering gears, engine pumps and other foundry and casting products. Founded in 1937, Sheppard is headquartered in Hanover, Pennsylvania.

ZF is a global technology company and supplies systems for passenger cars, commercial vehicles and industrial technology, enabling the next generation of mobility. In the four technology domains Vehicle Motion Control, Integrated Safety, Automated Driving, and Electric Mobility, ZF offers comprehensive solutions for established vehicle manufacturers and newly emerging transport and mobility service providers. ZF electrifies different kinds of vehicles. With its products, the company contributes to reducing emissions and protecting the climate. ZF, which acquired WABCO Holdings Inc. on May 29, 2020, now has 160,000 employees worldwide with approximately 260 locations in 41 countries. In 2019, the two then-independent companies achieved sales of €36.5 billion (ZF) and $3.4 billion (WABCO).

Knorr-Bremse is the global market leader for braking systems and a leading supplier of other safety-critical rail and commercial vehicle systems. Knorr-Bremse’s products make a decisive contribution to greater safety and energy efficiency on rail tracks and roads around the world. About 28,500 employees at over 100 sites in more than 30 countries use their competence and motivation to satisfy customers worldwide with products and services. In 2019, Knorr-Bremse’s two divisions together generated revenues of EUR 6.9 billion. For more than 115 years the company has been the industry innovator, driving innovation in mobility and transportation technologies with an edge in connected system solutions. Knorr-Bremse is one of Germany’s most successful industrial companies and profits from the key global megatrends: Urbanization, eco-efficiency, digitization and automated driving.

Bendix Commercial Vehicle Systems develops and supplies leading-edge active safety technologies, energy management solutions, and air brake charging and control systems and components under the Bendix® brand name for medium- and heavy-duty trucks, tractors, trailers, buses, and other commercial vehicles throughout North America. An industry pioneer, employing more than 3,400 people, Bendix is driven to deliver solutions for improved vehicle safety, performance, and overall operating cost.. Incorporated in 1930, Bendix is headquartered in Elyria, Ohio.
Sale of R.H. Sheppard Co., Inc. to Knorr-Bremse
June 2020
WABCO Holdings, Inc.
Target Location
North America
Acquiror Location
North America