Auto component maker ZF has announced a significant cost cutting program, centered in Germany, after sales ground to a halt due to the COVID-19 crisis. The firm’s CEO, Wolf-Henning Schneider, has indicated it could take two years for sales to recover. ZF’s U.S. seaborne imports of axles and brakes dropped by 68.3% and 50.4% year over year in the three months to April 30 as its U.S. customers’ factories closed. The firm’s shipments to Mexico have also declined, though imports from Germany rose by 21.2% year over year in April as the impact of factory closures in Europe have yet to reach U...