TRW Announces Steering Wheel Joint Venture in India with Sun
TRW Aftermarket Asia- Pacific Private Limited, a subsidiary of TRW Automotive Holdings Corp. (NYSE:TRW), and Sun Vacuum Formers Private Limited ("Sun"), today announced their intention to form a joint venture company to manufacture steering wheel systems in India. Finalization of the agreement is pending approval by the Indian government.
The proposed name of the joint venture is TRW Sun Steering Wheels Private Limited. Sun is a leading supplier of steering wheels in India and currently supplies Maruti-Suzuki, Tata Motors, General Motors and Ford Motor Company operations in India, and is a Tier 2 supplier to Honda and Toyota.
"This new venture offers the partners a great opportunity to grow with the expanding automotive market in India," said Phil Cunningham, vice president of Business
Development for TRW Automotive. "Sun is already well positioned in the Indian steering wheel market. TRW has been a significant supplier through its various partnerships in India beginning in 1962, and will bring its global steering wheel expertise into the joint venture."
The joint venture operates an existing manufacturing facility near New Delhi, and as evidence of new growth opportunities recently broke ground for a new manufacturing site in Pune, India on October 21. The new plant will support customers in the northwest region of India.
"We are very pleased to enter into this new partnership with TRW and look forward to the continued expansion of our business and the opportunity to integrate new technologies into our product offerings," said Mr. Subhash Sathe, Chairman of Sun. "We look forward to a long and fruitful partnership in the exciting Indian market."
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.