Brakes India, a joint venture between TRW Automotive and TVS Group, Celebrates Golden Jubilee
PADI, India, Jan. 31, 2013 /PRNewswire/ -- Brakes India Limited, a 51:49 joint venture based in Padi, India, between TVS Group and a subsidiary of TRW Automotive Holdings Corp. (NYSE: TRW), that manufactures a range of foundation brake, brake actuation, electronic braking systems and ferrous castings, today celebrated its 50th anniversary Golden Jubilee.
"We are proud that Brakes India has achieved the significant milestone of completing 50 years in business," said R. Ramanujam, chairman and managing director, Brakes India. "The journey has been interesting, challenging, and extremely fulfilling. This could not have been possible without the support and guidance from a very supportive joint venture partner in TRW and the commitment of an excellent team of dedicated and loyal employees who have made this company what it is today."
John Plant, chairman and CEO of TRW Automotive, said "Today marks a very special occasion for one of India's most successful joint ventures. Brakes India has grown to an annual turnover of more than $600 million US dollars during its first half-century and we look forward to further success in partnership with the TVS Group in one of the world's fastest growing markets."
Since its inception in 1962, Brakes India has steadily expanded its product range and manufacturing footprint and now comprises 17 manufacturing locations that includes a Foundry operation.
The TVS Group is India's leading supplier of automotive components and one of the country's most respected business groups. With a combined turnover of more than US$ 6 billion, the TVS Group employs a total workforce of more than 25,000 and comprises around 30 companies. These operate in diverse fields that range from two-wheeler and automotive component manufacturing to automotive dealerships, finance and electronics.
About Brakes India
Brakes India Limited was founded in 1962 as a joint venture between TV Sundram Iyengar & Sons and Lucas Industries Limited of the UK, and is the largest manufacturer of braking components and systems in India with an annual turnover of more than $600 million USD. The company manufactures braking equipment for automotive and non-automotive applications. Besides exporting products to 35 countries worldwide, Brakes India caters to over 60% of the domestic OEM market. Its manufacturing sites have been assessed at ISO 9001,TS16949,ISO 14001, ISO 18001, and the Foundry division has received the prestigious Deming prize .
With 2011 sales of $16.2 billion, TRW Automotive ranks among the world's leading automotive suppliers. Headquartered in Livonia, Michigan, USA, the Company, through its subsidiaries, operates in 26 countries and employs over 60,000 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. 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 www.trw.com.
This release contains statements that are not statements of historical fact, but instead are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We caution readers not to place undue reliance on these statements, which speak only as of the date hereof. All forward-looking statements are subject to numerous assumptions, risks and uncertainties which could cause our actual results to differ materially from those suggested by the forward-looking statements, including those set forth in our Report on Form 10-K for the fiscal year ended December 31, 2011 (our "Form 10-K"), and our Reports on Form 10-Q for the fiscal quarters ended March 31, June 29 and September 28, 2012, such as: any developments related to antitrust investigations adversely affecting our financial condition, results, cash flows or reputation; any shortage of castings or other supplies causing a production disruption for any customers or us; general economic conditions causing a material contraction in automotive sales and production adversely affecting our results or the viability of our supply base; the unsuccessful implementation of our current expansion efforts adversely impacting our business and results; commodity inflationary pressures adversely affecting our profitability or supply base; strengthening of the U.S. dollar and other foreign currency exchange rate fluctuations impacting our results; pricing pressures from our customers adversely affecting our profitability; increasing costs negatively impacting our profitability; the loss of any of our largest customers materially adversely affecting us; risks associated with non-U.S. operations, including economic and political uncertainty in some regions, adversely affecting our business, results or financial condition; any inability to protect our intellectual property rights adversely affecting our business or our competitive position; costs of product liability, warranty and recall claims and efforts by customers to adversely alter contract terms and conditions concerning warranty and recall participation; costs or liabilities relating to environmental, health and safety regulations adversely affecting our results; work stoppages or other labor issues at our facilities or at the facilities of our customers or suppliers adversely affecting our operations; any disruption in our information technology systems adversely impacting our business and operations; and other risks and uncertainties set forth in our Form 10-K and in our other filings with the U.S. Securities and Exchange Commission. We do not undertake any obligation to release publicly any update or revision to any of the forward-looking statements.
SOURCE TRW Automotive Holdings Corp.