LIVONIA, Mich. – TRW Automotive Holdings Corp. says it has closed the sale of its wholly owned engine valve subsidiaries to Federal-Mogul Holdings Corp., representing the material portion of the previously announced transaction. The closing did not include the sale of TRW’s joint ventures involved in the business, with the exception of a joint venture in Venezuela.
“With more than a century of market leadership and innovation, TRW’s engine components business will be an excellent complement to Federal-Mogul’s growing powertrain business,” said John Plant, chairman and CEO of TRW Automotive. “The sale is also evidence of TRW’s commitment and focus to its safety portfolio as the company continues to invest in engineering development and its global manufacturing footprint for both active and passive safety systems.”
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.
