4/22/2015 12:47:00 AM
NEWS BRIEFS
TRW Selling Linkage & Suspension Business
TRW Automotive Holdings Corp. agreed to sell its Linkage and Suspension business for $400 million cash to THK Co.
The planned divestiture, with annual sales of approximately $550 million, is expected to close by the end of TRW’s fiscal third quarter.
“In addition to resolving the company’s overlap position relating to TRW’s pending acquisition by ZF Friedrichshafen AG announced on September 15, 2014, this agreement represents a great outcome for both TRW and the business,” said TRW CEO John Plant.
ZF Friedrichshafen agreed to acquire all outstanding shares of TRW for $105.60 per share in an all-cash transaction valued at approximately $13.5 billion on an enterprise value basis. The transaction is expected to close in the first half of 2015.
In 2014, Livonia, MI-based TRW Automotive reported sales, including fasteners, increased 1% to a record $17.5 billion.
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