Overview

• Miedreich takes over Wednesday, succeeding Holger Klein, after serving as head of the powertrain division since January.
• ZF carries about €10.5 billion in net liabilities and pays roughly 4.5% average interest, which is constraining investment in future products.
• The company reported a €195 million loss in the first half and signals a full-year loss is likely due to unstable markets.
• Management judges the powertrain unit partly non-competitive and is weighing restructuring and a partner or sale, drawing July protests of more than 10,000 workers and an IG Metall warning.
• Up to 14,000 jobs in Germany are slated to be cut by 2028, with about 5,700 already eliminated and shorter working hours introduced at many sites.