18th
September 2007 - TRW
Signs Agreement with Delphi to Purchase Certain North American Braking
Machining and Module Assembly Assets - Subject to Court Approval and
Other Closing Conditions
TRW
Automotive Holdings announced today that one of its subsidiaries has
signed an agreement with Delphi to purchase a portion of its North
American brake component machining and module assembly assets. In
addition to the asset purchase, the Company has agreed to acquire
production inventory, lease a portion of Delphi's brake manufacturing
facility in Saginaw, Michigan, and to commence employment of the active
hourly employees at the leased site. The transaction is subject to U.S.
Bankruptcy Court approval and other conditions, including a customer
supply agreement. TRW expects to complete all necessary agreements by
the end of the fourth quarter of 2007. Purchase costs are not expected
to be material.
About
TRW
With 2006 sales of $13.1
billion, TRW Automotive ranks among the world's leading automotive
suppliers. Headquartered in Livonia, Michigan, USA, the Company, through
its subsidiaries, operates in 28 countries and employs approximately
63,800 people worldwide. TRW Automotive products include integrated
vehicle control and driver assist systems, braking systems, steering
systems, suspension systems, occupant safety systems (seat belts and
airbags), electronics, engine components, fastening systems and
aftermarket replacement parts and services. All references to "TRW
Automotive", "TRW" or the "Company" in this press release refer to TRW
Automotive Holdings Corp. and its subsidiaries, unless otherwise
indicated. TRW Automotive news is available on the internet at
www.trw.com.
Forward-Looking
Statements
This release contains
statements that are not statements of historical fact, but instead are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. All forward-looking statements involve
risks and uncertainties. Our actual results could differ materially from
those contained in forward-looking statements made in this release. Such
risks, uncertainties and other important factors which could cause our
actual results to differ materially from those contained in our
forward-looking statements are set forth in our Report on Form 10-K for
the fiscal year ended December 31, 2006 (the "10-K") and our Forms 10-Q
for the quarters ended March 30 and June 29, 2007, and include:
Bankruptcy Court approval of the Delphi agreement and other related
conditions to the purchase; production cuts or restructuring by our
major customers; work stoppages or other labor issues at the facilities
of our customers or suppliers; non- performance by, or insolvency of,
our suppliers and customers, which may be exacerbated by bankruptcies
and other pressures within the automotive industry; the inability of our
suppliers to deliver products at the scheduled rate and disruptions
arising in connection therewith; interest rate risk arising from our
variable rate indebtedness; loss of market share by domestic vehicle
manufacturers; efforts by our customers to consolidate their supply
base; severe inflationary pressures impacting the market for
commodities; escalating pricing pressures from our customers; our
dependence on our largest customers; fluctuations in foreign exchange
rates; our substantial leverage; product liability and warranty and
recall claims and efforts by customers to alter terms and conditions
concerning warranty and recall participation; limitations on flexibility
in operating our business contained in our debt agreements; the
possibility that our owners' interests will conflict with ours and other
risks and uncertainties set forth under "Risk Factors" in the 10-K and
in our other SEC filings. We do not intend or assume any obligation to
update any of these forward-looking statements
Source: TRW
Automotive Press Release