TRW Acquires SPES, Polish Switch Manufacturer

8 April 1999

TRW Acquires SPES, Polish Switch Manufacturer

    CLEVELAND--April 8, 1999--TRW Inc. announced today that it has acquired Spoldzielnia Pracy Elektromechaniki Samochodowej (SPES), a manufacturer of switches, key kits, and car handles located in Warsaw, Poland.
    Terms of the acquisition were not disclosed.
    SPES is a labor cooperative with 220 employees and sales of nearly US $7.2 million. It is a supplier to both original equipment manufacturers and the aftermarket.
    Through a licensing agreement with TRW, SPES is the sole supplier of key sets and car handles for Fiat Auto Poland, its largest customer. The cooperative also produces lock and switch components for TRW Sipea's steering lock business in Turin, Italy, which also supplies Fiat in Poland.
    "The acquisition of SPES supports our strategic objective of growing our business in Poland, the second largest automotive market in Eastern Europe, and allows us to establish localized production to better serve our customers there," said Heinz Pfannschmidt, vice president and general manager, TRW Automotive Electronics. "SPES's existing products and customers are an ideal fit for us. The company also provides a capable, cost-competitive manufacturing base from which to assemble switches and electronics for our European customers."
    TRW is a U.S.-based company with headquarters in Cleveland, Ohio, and sales of nearly $12 billion. The company, which employs approximately 80,000 people in 31 countries, provides advanced-technology products and services for the automotive, space, defense, and information technology markets.
    TRW is one of the largest independent automotive suppliers in the world with more than $7 billion in automotive sales. Its automotive product lines include switch and control systems, electronic security and convenience systems, occupant restraint systems, steering and suspension systems, fastening systems, and engine components. The company's news releases are available on the Internet through TRW's corporate Web site (http://www.trw.com).