TRW Automotive Holdings Corp. (NYSE: TRW) announced it has signed a definitive agreement to divest its engine valve business for $385 million in cash to Federal-Mogul Holdings Corporation (NASDAQ: FDML). The planned divestiture, with annual sales of approximately $610 million, is expected to close in the first quarter of 2015 subject to customary conditions, including regulatory, regional Supervisory Board and local works council approvals. Proceeds from the sale will be used for general corporate purposes.
"In addition to clarifying the Company's product portfolio, the planned sale of the engine components business to Federal-Mogul will enable the Company to concentrate on its growing active and passive safety technologies," said John C. Plant, Chairman and CEO of TRW Automotive. "The engine components business is a long-standing market leader and a trusted partner to the world's vehicle manufacturers. Its pairing with Federal-Mogul's powertrain business will further strengthen its position as an industry leader."
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