LIVONIA, Mich., Jan. 15 /PRNewswire-FirstCall/ -- TRW Automotive U.S. LLC,
a subsidiary of TRW Automotive Holdings Corp. (NYSE: TRW), today announced the
acquisition of Michelin North America Inc.'s stake in the EnTire Solutions,
LLC joint venture. TRW and Michelin established the joint venture in 2003 to
develop and manufacture direct tire pressure monitoring systems. The terms of
the transaction were not disclosed.
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TRW Automotive acquired the stake as part of the Company's commitment to
develop its portfolio of electronics systems.
Ed Carpenter, vice president of TRW Automotive's Electronics business,
said: "This has been a successful partnership. TRW and Michelin have combined
their respective expertise in electronics and tires to develop direct tire
pressure monitoring systems that are recognized for their performance
characteristics in the industry.
"TRW is committed to developing this business in a growing market. We
will continue to develop the technology as a natural fit within our global
electronics operations."
Michelin and TRW will work together to assure a smooth transition.
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
approximately 65,000 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 Reports on Form 10-Q for the quarters
ended March 28, June 27 and September 26, 2008, such as: disruptions in the
financial markets adversely impacting the availability and cost of credit
could negatively affect our business; production cuts and capacity reductions
by domestic North American vehicle manufacturers and resulting restructuring
initiatives, including bankruptcy actions, of our suppliers and customers;
commodity inflationary pressures adversely affecting our profitability and
supply base, including any resulting inability of our suppliers to perform as
we expect; escalating pricing pressures from our customers; our dependence on
our largest customers; strengthening of the U.S. dollar and other foreign
currency exchange rate fluctuations impacting our results; 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 economic uncertainty in some
regions; contraction in consumer spending, a market shift in vehicle mix and
production cuts in Europe; any impairment of our goodwill or other intangible
assets; product liability, warranty and recall claims and efforts by customers
to alter terms and conditions concerning warranty and recall participation;
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.