TRW Automotive to use credit facility to fund Dalphi Metal acquisition

By Kimberly N. Alleyne

Stroudsburg, Pa., Sept. 7 - TRW Automotive Holdings Corp. announced Wednesday it will use borrowings under its credit facility and cash to fund the purchase of a 68.4% stake in Dalphi Metal Espana, SA for €113 million.

TRW Automotive will also assume €84 million of debt.

The cash and bank borrowings are initial financing but TRW did not disclose its long-term plans. The acquisition is expected to close during the fourth quarter or the first quarter of 2006.

"The addition of Dalphimetal to our business further broadens our diversification, enhances our technological capabilities in the passive safety segment and bolsters our presence in Europe," John C. Plant, president and chief executive officer, said in a news release.

TRW Automotive is a Livonia, Mich. auto parts maker.

Dalphimetal is a privately held company headquartered in Madrid, Spain. The company designs, develops and manufactures airbags and steering wheels for European automakers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.