TRW Automotive Holdings Corp. in Livonia, Mich. (www.trw.com) signed an agreement with Delphi (www.delphi.com) to purchase a portion of its North American brake component machining and module assembly assets. In addition to the asset purchase, TRW has agreed to acquire production inventory, lease a portion of Delphi's brake manufacturing facility in Saginaw, Michigan, and to commence employment of the active hourly employees at the leased site.
The transaction is subject to U.S. Bankruptcy Court approval and other conditions, including a customer supply agreement. TRW expects to complete all necessary agreements by the end of the fourth quarter of 2007. Purchase costs are not expected to be material.
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.