TRW To Acquire Assets of Woo Jin Co. Ltd.

23 December 1998

TRW To Acquire Assets of Woo Jin Co. Ltd., Korean Automotive Plastics Supplier

    CLEVELAND--Dec. 23, 1998--TRW Inc. today announced that it has reached agreement to acquire the principal assets of Woo Jin Co. Ltd., a leading supplier of automotive interior and exterior plastic products located in Ulsan, Korea.
    The transaction is subject to several conditions, including government and regulatory approvals. Terms were not disclosed.
    TRW, one of the largest independent automotive suppliers in the world, is a leading producer of engineered fasteners, plastic components, switches, and controls. Woo Jin's major products include air vents; heating, ventilating, and air conditioning controls; instrument cluster panels; door handles; center facia panels; and wheel covers. The company's principal customer is Hyundai Motor Company.
    "This acquisition complements TRW's engineered plastic components and automotive switches and controls businesses and provides a unique and timely opportunity to increase our presence in the Korean automotive supply market," said Ronald D. Sugar, executive vice president and general manager, TRW Automotive Electronics Group.
    TRW currently manufactures steering and suspension systems, engine valves, engineered fasteners, switches, and controls, in Korea.
    Woo Jin, established in 1972, had sales for the full year 1997 of approximately 30 billion won ($25 million at current exchange rates). Sales will be lower in 1998 due to the downturn in the Korean economy and a strike at Hyundai.
    TRW is a U.S.-based company with headquarters in Cleveland, Ohio, and 1997 sales of nearly $12 billion. The company, which employs approximately 80,000 people in 30 countries, provides advanced-technology products and services for the automotive, space, defense, and information technology markets. TRW's automotive product lines include occupant restraint systems, electronic security and convenience systems, switch and control systems, steering and suspension systems, fastening systems, and engine components. The company's worldwide automotive sales in 1997 were $7 billion. TRW news releases are available on the Internet through TRW's corporate Web site (www.trw.com).