Exhibit 99.1
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News Release |
TRW Automotive
12001 Tech Center Drive
Livonia, MI 48150 |
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Investor Relations Contact:
Eric Birge
(734) 855-2904
Media Contact:
Colleen Hanley
(734) 855-2610 |
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TRW Closes Engine Valve Divestiture
LIVONIA, MICHIGAN, Feb. 9 2015 —TRW Automotive Holdings Corp. (NYSE: TRW) today announced the closing of the sale of its wholly-owned engine valve subsidiaries to Federal-Mogul Holdings Corporation (NASDAQ:FDML), representing the material portion of the previously announced transaction. The closing did not include the sale of TRW’s joint ventures involved in the business with the exception of a joint venture in Venezuela.
“With more than a century of market leadership and innovation, TRW’s engine components business will be an excellent complement to Federal Mogul’s growing powertrain business,” said John C. Plant, Chairman and CEO of TRW Automotive. “The sale is also evidence of TRW’s commitment and focus to its safety portfolio as the Company continues to invest in engineering development and its global manufacturing footprint for both active and passive safety systems.”
About TRW Automotive
With 2013 sales of $17.4 billion, TRW Automotive ranks among the world’s leading automotive suppliers. Headquartered in Livonia, Michigan, USA, the Company, through its subsidiaries, operates in 24 countries and employs approximately 65,000 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. For further press information and photos please visit: www.trw.com
About TRW Engine Components Business
With 2013 sales of $610 million, the TRW Engine Components business unit, headquartered in Barsinghausen, Germany, operates a global manufacturing and engineering footprint to serve its global customers including through an established network of joint ventures, from 22 facilities in 12 countries and 5,400 employees worldwide.
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 U.S. Private Securities Litigation Reform Act of 1995. We caution readers not to place undue reliance on these statements, which speak only as of the date hereof. There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from those suggested by our forward-looking statements, including those set forth in the Company’s Annual Report on Form 10-K for fiscal year ended December 31, 2013 and our reports on Form 10-Q for the fiscal quarters ended March 28, 2014, June 27, 2014 and September 26, 2014, including: the occurrence of any event, change or other circumstances that could give rise to the termination of the ZF merger agreement, which could have a material adverse effect on us and our stock price; the inability to consummate the proposed ZF merger or the inability to consummate the ZF merger in the timeframe or manner currently anticipated, due to the failure to satisfy other conditions to completion of the proposed ZF merger, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction, could have a material adverse effect on us and our stock price; risks related to disruption of management’s attention from our ongoing business operations due to the ZF merger; the effect of the announcement of the proposed ZF merger on the Company’s relationships with its customers, suppliers, joint venture partners and others, as well as our operating results and business generally; strengthening of the U.S. dollar and other foreign currency exchange rate fluctuations impacting our results; economic conditions adversely affecting our business, results or the viability of our supply base; risks associated with non-U.S. operations, including economic and political uncertainty in some regions, adversely affecting our business, results or financial condition; any developments related to antitrust investigations adversely affecting our financial condition, results, cash flows or reputation; pricing pressures from our customers adversely affecting our profitability; global competition adversely affecting our sales, profitability or financial condition; any disruption in our information technology systems adversely impacting our business and operations; any shortage of supplies causing a production disruption for any customers or us; the loss of any of our largest customers or a significant amount of their business, or a significant decline in their production levels, adversely affecting us; our contingent liabilities and tax matters causing us to incur losses or costs; any inability to protect our intellectual property rights adversely affecting our business or our competitive position; costs or adverse effects on our business, reputation or results from governmental regulations; work stoppages or other labor issues at our facilities or those of our customers or others in our supply chain adversely affecting our business, results or financial condition; commodity inflationary pressures adversely affecting our profitability or supply base; any increase in the expense of our pension and other postretirement benefits or the funding requirements of our pension plans reducing our profitability; and other risks and uncertainties set forth in our Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission. We do not undertake any obligation to release publicly any update or revision to any of the forward-looking statements.
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