FRANKFURT, Germany, Sept. 13, 2011 /PRNewswire/ -- TRW Automotive Holdings Corp. (NYSE: TRW) today announced a number of global business investments that support its plans for growth. The Company will open or expand 11 plants in 2011 and 2012 and will invest in a number of new product areas in several key markets.
TRW announced investments in driver assist systems (DAS) technology in Brest, France and in Peterlee, the UK; steering in China, Poland and the UK; and advanced braking systems in Koblenz, Germany. At the same time, the Company unveiled plans for the following new plants: an occupant safety systems and braking facility in Wuhan, China; an aftermarket friction plant in Qingdao, China; and a slip control systems and actuation plant in Queretaro, Mexico.
John Plant, TRW Automotive chairman, president and chief executive officer, commented: "In 2011, we're expecting to increase our research and development expenditure by $80 million compared with 2010 in order to support new technology and product launches, and over the same period capital investment has been increased by 90 percent. We're also currently completing the recruitment of 500 engineers at our technical centres worldwide.
"In addition to manufacturing investments, we are unveiling new technologies that will come to market as a result of our increased research and development investments. We have further invested in our radar center of excellence in Brest, France, to bring our 24 GHz radar to market and develop a new short range radar concept that will enable 360 degree sensing. And we have outlined plans for our next generation of advanced braking systems to help meet the needs of lower vacuum requirements. This is being developed in Koblenz, Germany."
In addition to the new facilities, TRW is expanding production of electric power steering in Poland at a new satellite facility in Czechowice, and is increasing the manufacturing of precision motors in Slovakia following a major contract win. It will also expand its electrically powered steering and electronics plant in Anting, China; its braking joint venture in Nanjing, China; its occupant safety joint venture in Chengdu; and its fasteners plant in Ningbo.
Plant concluded: "TRW has the right manufacturing footprint and product portfolio to support its growth plans. While we are investing heavily to support the tremendous growth in China, Brazil and India, we continue to focus on developing advanced technologies to support our global vehicle manufacturer customers. We believe we are making the right choices to make the right safety solutions available to everyone in all markets."
With 2010 sales of $14.4 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, 2010 (our "Form 10-K"), and our reports on Form 10-Q for the fiscal quarters ended April 1 and July 1, 2011, such as: any developments related to antitrust investigations adversely affecting our results, cash flows, financial condition or reputation; any shortage of supplies causing a production disruption due to the events in Japan or otherwise; tighter financial markets adversely impacting the availability and cost of credit negatively affecting our business; a material contraction in automotive sales and production adversely affecting our results or the viability of our supply base; 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; 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; 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; any increase in the expense of our pension and other postretirement benefits or the funding requirements of our pension plans reducing our profitability; work stoppages or other labor issues at our facilities or at the facilities of our customers or suppliers adversely affecting our operations; volatility in our annual effective tax rate resulting from a change in our valuation allowances position or other factors; 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.