...With 36.4 billion of revenues in 2017 (a 3.6% increase on 2016), ZF Friedrichshafen (ZF) is very well diversified globally. Europe accounted for about 48% of sales in 2017; NAFTA, about 27%; Asia-Pacific for 21%; and other markets for about 4%. ZF has a broad product portfolio in transmission, powertrain, and chassis technology, and in active and passive safety components. It is also dynamically growing its e-mobility operations that supply customers with electronic systems and electric drives and systems, which should help the company to position itself in an industry that has to comply with increasingly stringent emission standards. We also believe the group's broad geographic diversification will support the group's resilience. ZF's commercial vehicle division and industrial division should further contribute to this, given the different underlying drivers compared to ZF's core operations, which correlate largely to passenger car production....
