TRW Announces Steering Wheel Joint Venture in India with Sun
NEW DELHI, India, Nov. 21 /PRNewswire-FirstCall/ -- TRW Aftermarket Asia- Pacific Private Limited, a subsidiary of TRW Automotive Holdings Corp. (NYSE: TRW), and Sun Vacuum Formers Private Limited ("Sun"), today announced their intention to form a joint venture company to manufacture steering wheel systems in India. Finalization of the agreement is pending approval by the Indian government.
The proposed name of the joint venture is TRW Sun Steering Wheels Private Limited. Sun is a leading supplier of steering wheels in India and currently supplies Maruti-Suzuki, Tata Motors, General Motors and Ford Motor Company operations in India, and is a Tier 2 supplier to Honda and Toyota.
"This new venture offers the partners a great opportunity to grow with the expanding automotive market in India," said Phil Cunningham, vice president of Business
Development for TRW Automotive. "Sun is already well positioned in the Indian steering wheel market. TRW has been a significant supplier through its various partnerships in India beginning in 1962, and will bring its global steering wheel expertise into the joint venture."
The joint venture operates an existing manufacturing facility near New Delhi, and as evidence of new growth opportunities recently broke ground for a new manufacturing site in Pune, India on October 21. The new plant will support customers in the northwest region of India.
"We are very pleased to enter into this new partnership with TRW and look forward to the continued expansion of our business and the opportunity to integrate new technologies into our product offerings," said Mr. Subhash Sathe, Chairman of Sun. "We look forward to a long and fruitful partnership in the exciting Indian market."
With 2006 sales of $13.1 billion, TRW Automotive ranks among the world's leading automotive suppliers. Headquartered in Livonia, Michigan, USA, the Company, through its subsidiaries, operates in 28 countries and employs approximately 63,800 people worldwide. 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 www.trw.com
Sun was incorporated in 1994 and had total revenue in 2006 of $8.5 million. The company is a leading manufacturer of steering wheels for the passenger car, multi-utility vehicle, and light commercial vehicle markets in India. Sun is also a tier-2 supplier of injection molded seat components for Honda motorcycles produced in India.
Forward-Looking Statements 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, 2006 (the "10-K") and on Form 10-Q for the quarters ended March 30, June 29, and September 28, 2007, and include: our ability to complete the joint venture agreement, including necessary approvals; 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 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; 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 and efforts by customers to alter terms and conditions concerning warranty and recall participation; 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
Manley Ford of TRW Automotive, +1-734-855-2616,
John Wilkerson of TRW Automotive-North America, +1-734-855-3864,
or Lynette Jackson of TRWAutomotive Europe-Asia, +44-121-445-4006;
or Preeti Pahwa of Sun, firstname.lastname@example.org
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