TRW Automotive and FAWER Sign Commercial Steering Joint Venture Agreement
LIVONIA, Mich., March 17 -- TRW Automotive J.V. LLC and FAWER Automotive Components Company Limited today announced the creation of TRW FAWER Commercial Vehicle Steering (Changchun) Co., LTD. The new joint venture company is dedicated to the manufacturing and sales of steering gears for the commercial vehicle market.
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Jim Handysides, vice president and general manager, commercial steering, TRW Automotive, said: "China represents one of the three largest markets in the world for commercial vehicles. Its expanding infrastructure and overall economic growth will result in exciting business development opportunities for this joint venture company. The new joint venture company will be the primary provider of steering gears to FAW Trucks, the largest truck manufacturer in China. The business will also provide advanced steering gear technology to other truck manufacturers currently established in China."
This agreement builds on an existing partnership between TRW Automotive and FAWER Automotive in Changchun. Earlier this year, the two organizations announced the expansion of the scope of an existing joint venture, adding airbag modules and steering wheels to its existing product portfolio of chassis modules and braking systems, creating TRW FAWER Automobile Safety System Co., Ltd.
John Jones, vice president, TRW Automotive Asia Pacific, added: "The creation of TRW FAWER Commercial Vehicle Steering (Changchun) Co., LTD. is another significant step in strengthening our presence in China to meet the global objective of being the leader in automotive safety systems. This development is our first entry into the commercial vehicle segment; a market representing significant growth opportunities."
TRW Automotive has nine facilities in China including seven joint venture facilities, manufacturing chassis modules, steering systems, braking systems, seat belts, airbags and steering wheels, engine valves and switches as well as an aftermarket business.
About TRW
With 2003 pro forma sales of $11.3 billion, TRW Automotive ranks among the world's top 10 automotive suppliers. Headquartered in Livonia, Michigan, USA, the Company, through its subsidiaries, employs approximately 61,000 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 .
Its Commercial Steering Operations are headquartered in Lafayette Indiana. Commercial Steering facilities are also located in Portland, Michigan; Lebanon, Tennessee; Sao Paulo, Brazil; Queretaro, Mexico; Pamplona, Spain; Chennai, India; Dusseldorf, Germany; and Dacice, Czech Republic. TRW Automotive news is available on the Internet at http://www.trwauto.com/ / http://www.trucksteering.com/
About Fawer Automotive
Fawer Automotive Parts Company Ltd. is a wholly owned subsidiary of China First Automobile Group Corporation (FAW Group). It comprises seven FAW Group automotive component and systems plants and fourteen joint venture facilities with foreign companies.
Forward-Looking Statements
This release contains statements that are not statements of historical fact, but instead are forward-looking statements. All forward-looking statements involve risks and uncertainties. Our actual results could differ materially from those contained in forward-looking statements made in this release. Such risks, uncertainties and other important factors which could cause our actual results to differ materially from those contained in our forward-looking statements are set forth in the TRW Automotive Holdings Corp. final prospectus dated as of February 2, 2004 (the "Prospectus") filed with the Securities and Exchange Commission (the "SEC") pursuant to Rule 424(b)(4) and include: our substantial leverage; the highly competitive automotive parts industry and its cyclicality; pricing pressures from our customers; product liability and warranty and recall claims; our dependence on our largest customers; limitations on flexibility in operating our business contained in our debt agreements; increases in interest rates; fluctuations in foreign exchange rates; the possibility that our owners' interests will conflict with ours; work stoppages or other labor issues and other risks and uncertainties set forth under "Risk Factors" in the Prospectus and in our other SEC filings. We do not intend or assume any obligation to update any of these forward- looking statements.
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