TRW Automotive Awarded Electric Steering Business With Four Chinese Vehicle Manufacturers
SHANGHAI, Jan. 10, 2011 /PRNewswire/ -- TRW Automotive Holdings Corp. (NYSE: TRW) today announced it has secured a number of contracts for the supply of electric power steering (EPS) to domestic Chinese vehicle manufacturers, with the first launch scheduled as early as 2012. TRW will supply its Column Drive EPS system for multiple platforms with four domestic manufacturers initially. Production will be located at TRW's state-of-the-art manufacturing facility in Anting, China.
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"In 2010, we announced plans to localize production of our electric steering technology in China for a leading global vehicle manufacturer. Now, in addition to winning further business with global vehicle manufacturers, we're pleased to have the opportunity to support our first domestic Chinese customers for this advanced technology," said TRW's Peter Lake, executive vice president, sales and business development. "Chinese VMs continue to increase the level of sophistication in their vehicles, with a strong focus on reducing emissions and improving fuel economy. Electric steering supports these goals well."
TRW was selected for this business due to its deep knowledge of EPS systems and how they work within the vehicle's overall architecture. The Company's expertise in vehicle dynamics, not just for steering as an independent system, but also when combined with other chassis systems such as electronic braking technologies, distinguishes TRW's ability to provide a full service to its customers. Engineering for electric steering is supported locally in China from TRW's research and development center in Shanghai.
TRW is adding significant production capacity both in terms of equipment and manufacturing floor space to meet the demands of its rapidly growing Asia Pacific customer base for EPS. Production at its Anting facility will start this year with an annual capacity in the range of 450,000 units initially. It is expected that an additional 170 people including engineering and other support personnel will be hired in this first phase.
"TRW is investing heavily in capacity for several advanced technology products to meet the needs of the China market," said John C. Plant, president and chief executive officer, TRW Automotive. "In the next two years, we will add local production capabilities not only for EPS, but also for other advanced technologies such as airbag inflators and electronic stability control. TRW is creating the infrastructure to meet all market needs – from domestic vehicles to global platforms."
About TRW
With 2009 sales of $11.6 billion, TRW Automotive ranks among the world's leading automotive suppliers. Headquartered in Livonia, Michigan, USA, the Company, through its subsidiaries, operates in 26 countries and employs over 60,000 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. 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 www.trw.com.
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. All forward-looking statements are subject to numerous assumptions, risks and uncertainties which can cause our actual results to differ materially from those suggested by the forward-looking statements, including those set forth in our Report on Form 10-K for the fiscal year ended December 31, 2009 (our "Form 10-K") and our Form 10-Q for each of the quarters ended April 2, July 2, and October 1, 2010, such as: any shortage of supplies adversely affecting us; commodity inflationary pressures adversely affecting our profitability or supply base; disruptions in the financial markets adversely impacting the availability and cost of credit negatively affecting our business; any further material contraction in automotive sales and production adversely affecting our results, liquidity or the viability of our supply base; pricing pressures from our customers adversely affecting our profitability; the loss of any of our largest customers materially adversely affecting us; costs of product liability, warranty and recall claims and efforts by customers to adversely alter contract terms and conditions concerning warranty and recall participation; costs or liabilities relating to environmental, health and safety regulations; strengthening of the U.S. dollar and other foreign currency exchange rate fluctuations impacting our results; any increase in the expense of our pension and other postretirement benefits or the funding requirements of our pension plans; risks associated with non-U.S. operations, including foreign exchange risks and economic and political uncertainty in some regions; work stoppages or other labor issues at our facilities or at the facilities of our customers or suppliers; assertions by or against us relating to intellectual property rights; the possibility that our largest stockholder's interests will conflict with our or our other stockholders' interests; and other risks and uncertainties set forth in our 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.
SOURCE TRW Automotive Holdings Corp.
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