Germany’s ZF Lifetec Unit Said to Draw Adient, AIP, FountainVest

ZF Friedrichshafen AG’s sale of its airbags and seat belt business is attracting interest from suitors including automotive supplier Adient Plc, according to people familiar with the matter.

Private equity firms American Industrial Partners and FountainVest Partners are also pursuing the ZF unit, the people said. The business, known as ZF Lifetec, could fetch several billion euros in a sale, according to the people.

Deliberations are ongoing and there’s no certainty they will lead to a transaction, the people said. Representatives for ZF, Adient and AIP declined to comment. A spokesperson for FountainVest didn’t respond to requests for ...