ZF, which makes automatic gearboxes, and Luxshare declined to say how much the deal was worth.
Chief Executive Stefan Sommer said last December that ZF had launched the sale of the Body Control Systems division and said it "would not be a complete shot in the dark” when asked whether the company wanted $1 billion for the unit.
A person familiar with the transaction said however that the division sold for less than $1 billion.
The unit makes electronic parts for dashboards including switches, heating and air conditioning controls and displays, integrated electronic centre panels and modular steering column controls.
Luxshare Precision Industry Co, headquartered in Dongguan, China, makes cables and cable connectors for computers as well as communications and consumer electronics for automobiles and medical technology.
ZF, an unlisted supplier based in Friedrichshafen, a town on the shores of Lake Constance, wants to cut its dependence on combustion-engined cars, and has sought to shed non-core assets to help build up its expertise in components for autonomous and electric vehicles.
Earlier this month, ZF said it is able to consider large acquisitions in the wake of its $13.5 billion euro takeover of TRW in 2015. (Reporting by Edward Taylor and Arno Schuetze; Editing by Maria Sheahan and Adrian Croft)
Source: Reuters
