BEIJING, June 20 /PRNewswire-FirstCall/ -- TRW Automotive Holdings Corp. and China South Industries Group Corporation ("China South Group") have announced the formation of a joint venture company to manufacture advanced braking and steering systems for China's automotive market. The joint venture was unveiled at a celebration held at the Great Hall of the People in Beijing. The new company, located in the Bishan County of Chongqing, China, is named CSG TRW Chassis Systems Co., Ltd. (referred to as "CTCS"). CSG and TRW hold equal ownership.
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"We are enthusiastic about the mutual opportunities the joint venture will offer," remarked Mr. John Plant, president and CEO of TRW Automotive. "TRW is pleased to have a strong and vibrant partner in China South Group as we continue to expand our presence in China. This represents another opportunity to produce advanced safety systems in the Chinese market while helping China South Group to differentiate their vehicles and those of their customers," Mr. Plant noted.
Mr. Xu Bin, President of China South Group, said he is excited about the prospects for cooperation between the two companies. "The establishment of the CSG TRW Chassis Systems Co., Ltd is a new chapter in CSG international cooperation. It will not only raise the technology standard of the automotive components industry in China, but also strengthen the internationalization of our group. We sincerely welcome TRW," he commented.
About China South Group
China South Group plays a major role in China's automotive industry and other market segments and had 2004 sales of more than $4.5 billion. Founded in 1998, the company, including more than 50 joint venture companies, produces three million motorcycles and two hundred thousand automobiles every year. China South Group produces a wide array of products and other automotive components. The CTCS joint venture represents the company's first involvement in advanced braking systems.
About TRW
With 2004 sales of $12 billion, TRW Automotive ranks among the world's top 10 automotive suppliers. Headquartered in Livonia, Michigan, USA, the Company, through its subsidiaries, employs approximately 60,000 people in 24 countries. 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. TRW established its first joint venture in China in 1994. With today's announcement, the company now has interest in ten manufacturing entities in China. TRW's regional headquarters are located in Shanghai. 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 http://www.trwauto.com/ .
Forward-Looking Statements
This release contains statements that are not statements of historical fact, but instead are forward-looking statements. All forward-looking statements involve risks and uncertainties. Our actual results could differ materially from those contained in forward-looking statements made in this release. Such risks, uncertainties and other important factors which could cause our actual results to differ materially from those contained in our forward-looking statements are set forth in the TRW Automotive Holdings Corp. Report on Form 10-K for the fiscal year ended December 31, 2004 (the "10K"), and our Report on Form 10-Q for the quarter ended April 1, 2005, and include: possible production cuts by our customers; escalating pricing pressures from our customers; severe inflationary pressures impacting the markets for ferrous metals and other commodities; non-performance by, or insolvency of, our suppliers and customers; our substantial leverage; interest rate risk arising from our variable rate indebtedness; the highly competitive automotive parts industry and its cyclicality; product liability and warranty and recall claims; our dependence on our largest customers; loss of market share by domestic vehicle manufacturers; limitations on flexibility in operating our business contained in our debt agreements; fluctuations in foreign exchange rates; the possibility that our owners' interests will conflict with ours; work stoppages or other labor issues and other risks and uncertainties set forth under "Risk Factors" in the 10-K and in our other SEC filings. We do not intend or assume any obligation to update any of these forward-looking statements.
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