LANGFANG, China, Nov 20, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- TRW Automotive's Engineered Fasteners & Components business today officially opened a new plant in Langfang, China. TRW Automotive Components (Langfang) Co. Ltd., a subsidiary of TRW Automotive Holdings Corp. (NYSE: TRW), will manufacture interior components such as air registers and center bezels.
Located 60 kilometers from Beijing, the new facility joins TRW's well- established operations of braking products and engine components in the area. The 6,900 square meters of operating space will initially be equipped with up to 20 injection molding machines, with the potential to increase this number to 50 by mid-2008. The plant is expected to employ up to 100 people by the end of 2007.
Edwin Schulze, general manager, TRW Engineered Fasteners & Components, China, commented: "This is a key step in developing our presence in China to support domestic and international vehicle manufacturers in this market."
Since the establishment of a fastening system plant in Ningbo, Zhejiang Province in 1998, the Engineered Fasteners business has developed a diverse customer base and steadily increased its market share. The Langfang plant reflects TRW's long-term expansion strategy in the growing Chinese market, and is intent on serving more customers in a greater geographic area.
Schulze added: "We are delighted to host our costumer base in China and the Langfang government officials who supported the project to celebrate the opening of this facility. They are not only TRW customers, but also partners in our relentless pursuit of superior quality and value. This plant, as with all TRW manufacturing facilities around the world, will be dedicated to excellence, innovation and growth."
With 2005 sales of $12.6 billion, TRW Automotive ranks among the world's leading automotive suppliers. Headquartered in Livonia, Michigan, USA, the Company, through its subsidiaries, employs approximately 63,000 people in 26 countries. TRW Automotive 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. All references to "TRW Automotive", "TRW" or the "Company" in this press release refer to TRW Automotive Holdings Corp. and its subsidiaries, unless otherwise indicated. TRW Automotive news is available on the internet at http://www.trwauto.com .
This release contains statements that are not statements of historical fact, but instead are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 our Report on Form 10-K for the fiscal year ended December 31, 2005 (the "10-K"), and our Forms 10-Q for the quarters ended March 31, June 30 and September 29, 2006, and include: our ability to complete the proposed public offering on the terms indicated; our ability to complete the stock purchase from Northrop Grumman; production cuts or restructuring by our major customers; work stoppages or other labor issues at the facilities of our customers or suppliers; non-performance by, or insolvency of, our suppliers and customers, which may be exacerbated by recent bankruptcies and other pressures within the automotive industry; the inability of our suppliers to deliver products at the scheduled rate and disruptions arising in connection therewith; interest rate risk arising from our variable rate indebtedness (which constitutes a majority of the company's indebtedness), especially in view of the current climate of rising interest rates; loss of market share by domestic vehicle manufacturers; efforts by our customers to consolidate their supply base; severe inflationary pressures impacting the market for commodities; escalating pricing pressures from our customers; our dependence on our largest customers; fluctuations in foreign exchange rates; our substantial leverage; product liability and warranty and recall claims; limitations on flexibility in operating our business contained in our debt agreements; the possibility that our owners' interests will conflict with ours and other risks and uncertainties set forth under "Risk Factors" in the 10-K and in our other SEC filings. We do not intend or assume any obligation to update any of these forward-looking statements.
SOURCE TRW Automotive Holdings Corp.
Lynette Jackson of TRW Automotive Europe, 44 121 506 5325, Nicole Lei of TRW Automotive China, + 86.21.6120.2266, or John Wilkerson of TRW Automotive North America, +1-734-855-3864