Illinois Tool Works Inc. (NYSE: ITW) has agreed to buy ZF Friedrichshafen AG’s engineered fasteners and components business for $450 million in cash.

The Enkenbach, Germany-based target provides fastening systems and other parts for the automotive sector, generating about $470 million in annual sales. The business has 13 manufacturing facilities worldwide.

“The Engineered Fasteners and Components business will be a highly complementary addition to ITW’s Automotive OEM segment that will broaden our ability to serve our customers and further expand our long-term organic growth potential,” says ITW Vice President Sundaram Nagarajan. For auto parts maker ZF, the sale will allow the company to focus more on its core businesses, including further developing automated driving. BNP Paribas and Honigman Miller Schwartz and Cohn LLP are advising the seller.

Auto parts manufacturers have been receiving robust buyer interest, as global car sales continue to rise. General Motors Co. (NYSE: GM) is investing in Lyft; IHS Inc. (NYSE: IHS), owner of Carfax, is buying Carproof Corp.; and LKQ Corp. (Nasdaq: LKQ) is purchasing the Coast Distribution System Inc.

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