TRW Sells Joint Venture Share to Sumitomo Electric
8 July 1999
TRW Sells Joint Venture Share to Sumitomo ElectricNEWCASTLE-UNDER-LYME, United Kingdom, July 7 -- TRW Inc. today announced that it has completed the sale of its 50 percent share in the joint venture company, Lucas SEI Wiring Systems, to its partner, Sumitomo Electric Industries of Japan. The sale marks the conclusion of a successful partnership between the two companies which spans more than nine years. Formed in 1990, the joint venture company, Lucas SEI, became a sister company to TRW's wholly-owned Lucas Rists Wiring Systems, and was set up to jointly serve Japanese carmakers and Japanese designed vehicles manufactured in the UK and Europe. Lucas Rists Wiring Systems is a business of TRW that supplies of wiring harnesses, cables and high tension battery leads and will continue to serve the European vehicle manufacturers. TRW continues to hold discussions with a number of major automotive industry players who have expressed an interest in buying Lucas Rists Wiring Systems. David Underwood, general manager of TRW's wiring systems businesses, said, "In recent years the wiring business has strengthened its relations with customers, won awards for quality and delivery performance, and achieved solid productivity improvements." TRW, which recently acquired LucasVarity plc, provides advanced technology products and services for the global automotive, aerospace and information systems markets. The company's news releases are available through TRW's corporate Web site (http://www.trw.com).