TRW Automotive Announces Acquisition of EnTire Joint Venture Stake
LIVONIA, Mich., January 15, 2009: TRW Automotive U.S. LLC, a subsidiary of TRW Automotive Holdings Corp. , 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.
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.