NOVE MESTO, Slovakia, Oct. 20 /PRNewswire/ -- TRW Steering Systems Slovakia s.r.o., a subsidiary of the global leader in automotive safety systems, TRW Automotive Holdings Corp. (NYSE: TRW), today announced plans to expand its Nove Mesto nad Vahom plant to support the growth of TRW's Electrically Powered Steering (EPS) systems business. The investment could lead to the creation of up to 250 new jobs over a three -year period.
TRW's Nove Mesto facility currently manufactures precision motors for vehicle steering systems and employs 400 people. The Company launched its Column Drive EPS system in 2001 and last year started production of Belt Drive EPS with Ford Motor Co. in North America. This product will launch with Ford of Europe later this year and a second global manufacturer in 2012.
Plant manager, Chris Moorhouse, said: "TRW is committed to its presence in Slovakia to support the growing automotive activities there. This facility expansion represents an important investment for the next generation of TRW's steering technology and demonstrates the achievements of our dedicated workforce here in Nove Mesto nad Vahom."
Within its investment plan, the Company will expand the existing manufacturing plant to support the introduction of EPS sensors and EPS Belt Drive steering systems manufacturing. TRW plans to start construction before the end of the year and intends to begin production from the extended facility early in 2011.
Michael Degen, vice president European Steering Operations, said: "We are technology leaders in the area of Electrically Assisted Steering and are committed to investing in the growth of this technology.
"Electric Steering can offer significant fuel efficiency improvements – of up to 4 percent - compared with hydraulic systems as it draws power only when needed. With an increased focus on reducing harmful carbon dioxide emissions, we see increased interest in this technology globally. EPS also enables tunable steering feel characteristics and integration opportunities with Driver Assist Systems such as Park Assist or Lane Departure Warning."
The fuel efficiency benefits of EPS systems equate to a fuel savings of 0.3 to 0.4 L/100km, with a corresponding reduction in carbon dioxide emissions of approximately 7-8g/km.
With 2009 sales of $11.6 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 can 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, 2009 (our "Form 10-K") and our Form 10-Q for each of the quarters ended April 2, and July 2, 2010, such as: the financial condition of our customers adversely affecting us or the viability of our supply base; disruptions in the financial markets adversely impacting the availability and cost of credit negatively affecting our business; any shortage of supplies adversely affecting us; any further material contraction in automotive sales and production adversely affecting our results, liquidity or the viability of our supply base; escalating pricing pressures from our customers; commodity inflationary pressures adversely affecting our profitability or supply base; our dependence on our largest customers; 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; limitations on available cash and access to additional capital due to our substantial debt; strengthening of the U.S. dollar and other foreign currency exchange rate fluctuations impacting our results; any increase in the expense of our pension and other postretirement benefits or the funding requirements of our pension plans; risks associated with non-U.S. operations, including foreign exchange risks and economic and political uncertainty in some regions; work stoppages or other labor issues at our facilities or at the facilities of our customers or suppliers; assertions by or against us relating to intellectual property rights; the possibility that our largest stockholder's interests will conflict with our or our other stockholders' interests; and other risks and uncertainties set forth in our Form 10-K and in our other filings with the 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.