BEIJING, June 9 /PRNewswire-FirstCall/ -- TRW Automotive Holdings Corp. (NYSE: TRW), the global leader in automotive safety systems, has launched production of airbag electronic control units (ECUs) from its wholly-owned subsidiary in Anting, China.
TRW Automotive Components (Shanghai) Co. Ltd. was established in 2002 in Anting and initially produced power rack and pinion and electrically powered hydraulic steering systems beginning in 2003. The plant is now manufacturing and shipping safety electronics ECUs to a major Japanese vehicle manufacturer for its global platforms.
Total investment in the 3,600 square meter (12,000 square feet) facility to date is $11 million, with a current employment of 120 that will more than double with further production increases in 2005.
"The production of safety electronics in China is another significant step in our efforts to support the global expansion of our customers in the region," said Peter J. Lake, executive vice president, Sales and Business Development for TRW Automotive. "TRW continues to expand the breadth and depth of its product lines in China and, we believe, is well positioned to supply customers with a full range of active and passive safety products."
The Anting facility establishes TRW safety electronics manufacturing capability in Asia, Europe and North America to support global platforms across all regions. It also complements TRW's growing airbag production capabilities in China from its Shanghai TRW Automotive Safety Systems, Co. joint venture and the newly expanded TRW FAWER Automobile Safety Systems, Co. in Changchun.
TRW Automotive has nine facilities in China including seven joint venture facilities, manufacturing chassis modules, steering systems, braking systems, seat belts, airbags and steering wheels, engine valves and switches as well as an aftermarket business.
With 2003 sales of $11.3 billion, TRW Automotive ranks among the world's top 10 automotive suppliers. Headquartered in Livonia, Michigan, USA, the Company, through its subsidiaries, employs approximately 61,000 people in 23 countries. TRW 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. 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 the TRW Automotive Holdings Corp. final prospectus dated as of February 2, 2004 (the "Prospectus") filed with the Securities and Exchange Commission (the "SEC") pursuant to Rule 424(b)(4), our Report on Form 10-K for the fiscal year ended December 31, 2003 (the "10K") and our Report on Form 10-Q for the quarter ended March 26, 2004 and include: our substantial leverage; the highly competitive automotive parts industry and its cyclicality; pricing pressures from our customers; increasing costs for purchased components and raw materials; non-performance by, or by insolvency of, our suppliers; product liability and warranty and recall claims; our dependence on our largest customers; limitations on flexibility in operating our business contained in our debt agreements; increases in interest rates; fluctuations in foreign exchange rates; the possibility that our owners' interests will conflict with ours; work stoppages or other labor issues and other risks and uncertainties set forth under "Risk Factors" in the Prospectus and 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. -0- 06/09/2004 /CONTACT: Manley Ford of TRW Automotive, +1-734-266-2616, John Wilkerson of TRW Automotive/North America, +1-734-266-3864, or Lynette Jackson of TRW Automotive/Europe/Asia, + 44-121-506-5315/ /Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010824/TRWLOGO AP Archive: http://photoarchive.ap.org PRN Photo Desk, firstname.lastname@example.org/ /Web site: http://www.trwauto.com / (TRW) CO: TRW Automotive Holdings Corp.; TRW Automotive Components (Shanghai) Co. Ltd. ST: Michigan, China IN: AUT SU: TH-TM -- DEW008 -- 8351 06/09/2004 10:00 EDT http://www.prnewswire.com