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LIVONIA, Mich., March 3 /PRNewswire-FirstCall/ -- TRW Automotive today
announced the completion of the $4.73 billion purchase of the company by
affiliates of The Blackstone Group. With the closing of the sale, Blackstone
and management now own 80.4 percent of the business while Northrop Grumman
retains 19.6%.
"This is a milestone for TRW Automotive as the company emerges as an
independent, top-ten global supplier," said President and CEO John Plant.
"The company is now 100 percent focused on the needs of automotive customers,
and we have an exciting opportunity to capitalize on our position as the
global leader in automotive safety."
Blackstone Senior Managing Director Neil Simpkins said, "We are delighted
to expand our participation in the automotive business with one of the
industry's premier suppliers. We have been impressed with the management
team, the people and the performance of the company and look forward to
supporting the company's exciting future growth prospects."
Commenting on the sale, Plant said, "This is obviously a win all around
for Northrop, our new investors and for TRW Automotive. As evidenced by the
strong market reception for the recent TRW Automotive bond offering, we
believe we have a sound future built on a great portfolio of products,
excellent technologies, solid customer relationships and outstanding people."
TRW Automotive Overview
TRW Automotive is among the most diversified in the industry in terms of
customers, product lines and global scope. TRW's worldwide network of
manufacturing facilities supplies customers in all major automotive producing
regions. The company believes that its technology-enhanced, safety-driven
product portfolio should position it for a growth rate higher than that of the
overall global market for light vehicle production over the next several
years.
TRW Automotive's sales place it eighth largest among the world's
automotive suppliers. Now the seventh largest firm headquartered in the
Detroit Metropolitan area, the company employs approximately 64,000 people in
22 countries.
TRW Automotive is headquartered in Livonia, Michigan, USA. Its products
include integrated vehicle control and driver assist systems, braking systems,
steering systems, suspension systems, occupant safety systems (seat belts and
airbags), electronics, engine valves, fastening systems and aftermarket
replacement parts. TRW Automotive news is available on the Internet at
http://www.trwauto.com .
The Blackstone Group, a private investment bank with offices in New York
and London, was founded in 1985. The firm has raised a total of approximately
$24 billion for alternative asset investing since its formation. The
Blackstone Group's six core businesses are Private Equity Investing, Private
Real Estate Investing, Corporate Debt Investing, Marketable Alternative Asset
Management, Mergers and Acquisitions Advisory, and Restructuring and
Reorganization Advisory. The acquisition of TRW Automotive represents the
first investment made from Blackstone's recently raised $6.45 billion BCP IV
private equity fund.
Blackstone was advised in this transaction by JP Morgan, Merrill Lynch and
Lehman Brothers.
SOURCE TRW Automotive
Web site: http://www.trwauto.com
CONTACT: Manley Ford, +1-734-266-2616, or John Wilkerson,
+1-734-266-3864, both of TRW USA, or Ilke Kaufmann of TRW Europe,
+49-211-584-557
Photo: NewsCom:
http://www.newscom.com/cgi-bin/prnh/20010824/TRWLOGO AP Archive:
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CAPTION: TRWLOGO TRW LOGO TRW provides advanced-technology
products and services for the aerospace, information systems and
automotive markets. (PRNewsFoto)[JL] CLEVELAND, OH USA
08/24/2001