TRW Announces Buyer of Lucas Rists Wiring Systems
3 February 2000
TRW Announces Buyer of Lucas Rists Wiring Systems
NEWCASTLE-UNDER-LYME, UK--Feb. 3, 2000--TRW today announced that it has agreed to sell its wiring systems business, Lucas Rists, to Leoni AG, Nuremberg, Germany. Terms were not disclosed.Lucas Rists develops and supplies wiring harnesses, cable, high tension leads and battery cables to European vehicle manufacturers. Headquartered in Newcastle-under-Lyme, UK, the business employs around 4,000 people in six factories in Europe and North Africa.
Lucas Rists was one of several businesses earmarked by TRW for divestment last year.
David Underwood, vice president, Lucas Rists Wiring Systems, said, "We are delighted that Lucas Rists has found a strong strategic partner who will help the business grow further in the European market."
"Lucas Rists has a distinguished track record in Europe. Leoni has concluded that the business has excellent growth prospects which, when coupled with our existing operations, positions Leoni as an even stronger global player," said Uwe Lamann, member of the board of Leoni AG and president of the wiring systems division.
The Leoni Group is a leading international manufacturer of automotive electrical wiring systems, wires and cables, and employs 12,000 people at its facilities in 17 countries.
TRW Inc. provides advanced technology products and services for the global automotive, aerospace and information systems markets. The company, headquartered in Cleveland, Ohio, is one of the world's largest independent automotive component suppliers. TRW Automotive produces braking systems, steering and suspension systems and aftermarket replacement parts, electronic safety and security systems, occupant restraint systems, engineered fastening systems and engine components. The company's news releases are available through TRW's corporate Web site (www.trw.com)