Joint Venture Agreement Strengthens TRW FAWER Automobile Safety Systems Presence
LIVONIA, Mich., Feb. 6, 2004 -- TRW Automotive and FAWER Automotive Parts Company today announced the expansion of the scope of its existing 60/40 (TRW/FAWER) joint venture to include the manufacture of airbag modules and steering wheels. The company has in the process, changed its name to TRW FAWER Automobile Safety System Co.
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This expanded joint venture will now, in addition to chassis modules and braking systems, also manufacture airbag modules and steering wheels for the FAW group and other key customers in Northern China. The venture represents an investment of $38 million (RMB 314 million).
The original joint venture between the two companies, FAW-Kelsey Hayes Automobile Chassis Systems, was created in 1995. The Kelsey-Hayes brand and business are now within the TRW Automotive organization.
According to John Plant, TRW Automotive president and chief executive officer, "This expanded business partnership signifies TRW Automotive's continuing commitment to the Chinese market and the Asia Pacific region as a whole. We now develop and manufacture a wide range of active and passive safety systems products throughout China as part of our global objective to be the leader in automotive safety systems."
John Jones, vice president of TRW Automotive Asia Pacific, added: "The development of a broader business base in the Northern region with the introduction of TRW's state-of-the-art technologies and the creation of TRW FAWER Automobile Safety Systems demonstrates the strength of the partnership we enjoy with FAWER Automotive. We are pleased to continue the expansion of this important relationship.
"TRW FAWER has already identified significant opportunities with customers in China who are seeking to localize production of existing steering wheel and airbag module business which TRW Automotive currently produces in other global regions."
TRW Automotive has nine facilities in China including seven joint venture facilities, manufacturing chassis modules, steering system, braking systems, seat belts, airbags and steering wheels, engine valves and switches as well as an aftermarket business.
About TRW
With sales of $10.6 billion in 2002, TRW Automotive ranks among the top 10 suppliers in the world. Headquartered in Livonia, Michigan, USA, the company employs more than 60,000 people in 22 countries. Its 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. TRW Automotive news is available on the Internet at www.trwauto.com / www.trwauto.de .
About Fawer Automotive
Fawer Automotive Parts Company Ltd. is a wholly owned subsidiary of China First Automobile Group Corporation (FAW Group). It comprises nine FAW Group automotive component and systems plants and eight joint venture facilities with foreign companies.
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