TRW Automotive Holdings Corp. in Livonia, Mich. (www.trw.com) said in late September it would buy a portion of the Delphi (www.dephi.com)North American brake component machining and module assembly assets.
Besides buying that brake business, TRW agreed to acquire the business’s production inventory, to lease a portion of Delphi’s brake manufacturing facility in Saginaw, Mich., and to employ the active hourly employees at the Saginaw site.
The transaction is subject to approval from the U.S. Bankruptcy Court in which Delphi has filed proceedings, and other conditions, including a customer supply agreement. TRW said it expects to complete agreements by the end of the fourth quarter of 2007. The company did not release the purchase costs.
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.