The ZF acquisition of TRW Automotive has been confirmed. ZF says that the newly created automotive components giant with annual sales of more than $40 billion, will be a new major global supplier ready for an age of self-driving cars. The move will also see ZF doubling its sales in two of the world's largest car markets, China and the U.S.A.

ZF is a major OE provider of steering systems and drivetrains, while TRW has its main OE strength in safety products such as brakes and air bags.

ZF CEO Stefan Sommer said, "The major motivation for this transaction is technology driven, in the field of electromobility and in the field of autonomous driving."

The transaction is subject to US antitrust regulation and foreign investment clearance, but is expected to be completed early next year.