TRW Automotive Holdings Corp. (NYSE: TRW) today announced the closing of the sale of its wholly-owned engine valve subsidiaries to Federal-Mogul Holdings Corporation (NASDAQ:FDML), representing the material portion of the previously announced transaction. The closing did not include the sale of TRW’s joint ventures involved in the business with the exception of a joint venture in Venezuela.
“With more than a century of market leadership and innovation, TRW’s engine components business will be an excellent complement to Federal Mogul’s growing powertrain business,” said John C. Plant, Chairman and CEO of TRW Automotive. “The sale is also evidence of TRW’s commitment and focus to its safety portfolio as the Company continues to invest in engineering development and its global manufacturing footprint for both active and passive safety systems.”
