LIVONIA, Mich., April 28, 2014 /PRNewswire/ -- TRW Automotive Holdings Corp. (NYSE: TRW), today announced that its joint venture 'Rane TRW Steering Systems Limited' (RTSSL) in India has expanded to manufacture TRW airbags and the latest generation of seat belt systems.
Frank Mueller, vice president and general manager for TRW Occupant Safety Systems said: "India is a very important market for TRW and we look forward to our continued partnership with Rane to manufacture a broader range of advanced technologies that help to protect drivers and occupants there. As a global leader in safety, we are committed to providing affordable safety for all drivers and in all regions – to deliver the safety everyone deserves.
"The investment further strengthens RTSSL's position in providing state of the art occupant safety solutions to its customers and is a proactive step for enhancing vehicle safety in this market."
RTSSL is applying TRW's global manufacturing standards to produce driver and passenger airbags and seat belts at the facility and will make around 320,000 units per annum initially, with an increase in manufacturing capacity to approximately 810,000 units in the coming three to five years.
RTSSL is a 50:50 joint venture with the Rane Group based in Singaperumal Koil near Chennai. Since 1962, TRW has had a presence in India through its Brakes India Limited joint venture with another third party. It has continued to establish further partnerships to offer a full range of safety products and now supports ten manufacturing locations.
About Rane TRW Steering Systems Ltd
Rane TRW Steering Systems Ltd (RTSSL), a 50:50 joint venture between Rane Investments Limited and TRW, is the market leader in Hydraulic Power Steering Systems in India. RTSSL manufactures Hydraulic Power Steering Gears, Vane Pumps and Reservoirs. RTSSL has an exclusive division manufacturing seat belts at its Singaperumal Koil Plant near Chennai. Established in 1987 as a joint venture between Rane Investments Limited and TRW, RTSSL is the market leader in hydraulic power steering in India.
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. 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (our "Form 10-K"), such as: economic conditions adversely affecting our business, results or the viability of our supply base; risks associated with non-U.S. operations, including economic and political uncertainty in some regions, adversely affecting our business, results or financial condition; the unsuccessful implementation of our current expansion efforts adversely impacting our business or results; any developments related to antitrust investigations adversely affecting our financial condition, results, cash flows or reputation; pricing pressures from our customers adversely affecting our profitability; global competition adversely affecting our sales, profitability or financial condition; any disruption in our information technology systems adversely impacting our business and operations; any shortage of supplies causing a production disruption for any customers or us; the loss of any of our largest customers or a significant amount of their business, or a significant decline in their production levels, materially adversely affecting us; strengthening of the U.S. dollar and other foreign currency exchange rate fluctuations impacting our results; our contingent liabilities and tax matters causing us to incur losses or costs; any inability to protect our intellectual property rights adversely affecting our business or our competitive position; commodity inflationary pressures adversely affecting our profitability or supply base; costs or adverse effects on our business, reputation or results from governmental regulations; work stoppages or other labor issues at our facilities or those of our customers or others in our supply chain adversely affecting our business, results or financial condition; 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.