ASCHAU AM INN, Germany, June 11 /PRNewswire-FirstCall/ -- TRW Automotive
Holdings Corp. (NYSE: TRW) today announced that its subsidiary, TRW Airbag
Systems GmbH, has closed an agreement with Davey Bickford SNC, France, to
acquire initiator machining and intellectual property assets. The terms of
the acquisition were not disclosed.
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This acquisition is part of TRW's occupant safety business strategy to
vertically integrate its inflator business and corresponds with its future
approach of "make and buy." Igniters are key components for air bag and seat
belt modules. Previously, Davey Bickford was a strategic supplier of igniters
to TRW.
The initiator machines and intellectual property include 'plastic to metal
seals technology' which is anticipated to be a key future technology in this
business segment.
Richard Stanzel, director, operations, Global Inflators for TRW
Automotive, commented: "This represents a strategic acquisition for TRW
Automotive. We continue to develop our inflator portfolio in Europe and North
America and this operation provides us with an in-house source for a key
component in a growing technology.
"The machines will be gradually transferred to our inflator plant in
Aschau am Inn, Germany, over the next 18 months and will become an integral
part of our global inflator operations. We will continue to develop the
technology and production processes to strengthen our market leading range of
inflators."
Dominique Heber-Suffrin, president and chief executive officer of Davey
Bickford, commented: "A pioneer in the design and manufacturing of state of
the art pyrotechnic igniters for airbags and seat belt pretensioners, Davey
Bickford has been a close partner to TRW for many years. Today, we are proud
that TRW has selected our technology for their vertical integration strategy.
This transaction fits with our primary focus on the booming mining industry
where Davey Bickford has developed very advanced initiation solutions."
TRW Automotive supplies inflators for programs for a number of leading,
global automotive manufacturers including Ford Motor Company, Mercedes Car
Group, BMW, Peugeot, Fiat, General Motors Corporation, Renault Nissan and
Volkswagen.
About TRW
With 2007 sales of $14.7 billion, TRW Automotive ranks among the world's
leading automotive suppliers. Headquartered in Livonia, Michigan, USA, the
Company, through its subsidiaries, operates in 27 countries and employs more
than 66,000 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 http://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. We caution readers not to
place undue reliance on these statements, which speak only as of the date
hereof. All forward-looking statements are subject to numerous assumptions,
risks and uncertainties which can cause our actual results to differ
materially from those suggested by the forward-looking statements, including
those set forth in our Report on Form 10-K for the fiscal year ended December
31, 2007 (our "Form 10-K"), and in our Report on Form 10-Q for the quarter
ended March 28, 2008, such as: loss of market share by domestic North American
vehicle manufacturers and resulting production cuts and restructuring
initiatives, including bankruptcy actions, of our suppliers and customers;
escalating pricing pressures from our customers; commodity inflationary
pressures adversely affecting our profitability and supply base, including any
resulting inability of our suppliers to perform as we expect; our dependence
on our largest customers; product liability, warranty and recall claims and
efforts by customers to alter terms and conditions concerning warranty and
recall participation; foreign currency exchange rate fluctuations; work
stoppages or other labor issues at our facilities or at the facilities of our
customers or suppliers; our substantial debt and resulting vulnerability to an
economic or industry downturn and to rising interest rates; cyclicality of
automotive production and sales; risks associated with non-U.S. operations,
including foreign exchange risks and economic uncertainty in some regions;
adverse effects of environmental and safety regulations; assertions by or
against us relating to intellectual property rights; the possibility that our
largest shareholder's interests will conflict with ours; and other risks and
uncertainties set forth in our Form 10-K and in our other filings with the
Securities and Exchange Commission. We do not undertake any obligation to
release publicly any revision to any of these forward-looking statements.
SOURCE TRW Automotive Holdings Corp.
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