TRW Automotive Plans for $350M IPO
LIVONIA, Mich. (AP) _ TRW Automotive Holdings Corp. has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering of common stock worth up to $350 million, the company announced Friday.
Goldman, Sachs & Co., Credit Suisse First Boston LLC and J.P. Morgan Securities Inc. are serving as joint book-running managers of the offering, the company said.
Livonia-based TRW is the eighth largest automotive supplier, with 2001 sales of about $10 billion. It employs about 61,000 people in 22 countries and produces antilock brakes, assisted steering devices and air bags.
The registration statement has been filed with the SEC, but has not yet become effective. The securities may not be bought or sold before then.
In March, Northrop Grumman Corp. sold TRW Automotive to The Blackstone Group, a private the equity firm, for $4.7 billion. With the sale, Blackstone took ownership of 80.4 percent of the business while Northrop Grumman retains 19.6 percent ownership.
Los Angeles-based Northrop agreed to spin off the auto parts unit as part of its purchase of parent company TRW Inc., which was cleared by U.S. authorities in December.