Cleveland
Investment Group Buys TRW Auto Segment For $4.7 Billion

November 19, 2002

Cleveland-based TRW is selling its automotive parts segment for $4.7 billion.

The deal, expected to take place after TRW’s merger with Northrop Grumman, will see The Blackstone Group purchase the segment. TRW Automotive, which makes seat belt and airbag systems, along with other auto components, posts annual sales of more than $10 billion.

In October, TRW sold off its aeronautical systems business to Goodrich.

In July, TRW agreed to a $7.8 billion merger with California-based defense contractor Northrop Grumman. The move will make Northrop the nation’s second-largest defense contractor.

Northrop announced that following the merger, it would close TRW’s Cleveland headquarters.

© Dispatch Productions, Inc., 2002. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

 

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