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8-K - FORM 8-K - ZF TRW AUTOMOTIVE HOLDINGS CORP | k50563e8vk.htm |
News Release
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TRW Automotive 12001 Tech Center Drive Livonia, MI 48150 |
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Investor Relations Contact: | ||||
Mark Oswald | ||||
1.734.855.3140 | ||||
Media Contact: | ||||
Lynette Jackson | ||||
44.776.964.3152 |
TRW Provides Update on Antitrust Inquiries
LIVONIA, MICHIGAN, July 11, 2011 TRW Automotive Holdings Corp. (NYSE: TRW), the global
leader in active and passive safety systems, today provided an update to its press release of
June 9, 2011 regarding government antitrust inquiries.
On June 7, 2011, European antitrust authorities visited certain of the Companys Occupant Safety
Systems business unit locations in Germany to gather information in connection with an
investigation of anti-competitive conduct in the European Union. A related subpoena was received
in the United States from the U.S. Department of Justice. The Company understands that these
inquiries are part of an ongoing investigation of automotive parts suppliers concerning possible
violations of competition (antitrust) laws. Competition and antitrust law investigations often
continue for several years and can result in significant penalties being imposed by the European
authorities as well as the U.S. Department of Justice, as is evidenced by the significant fines
the European Commission has imposed, in some cases, for violations in other sectors. At this
point, the Company cannot estimate the financial impact resulting from this investigation. The
Company will evaluate developments in this matter on a regular basis and will record an accrual
as and when appropriate.
The Companys policy is to comply with all laws and regulations, including all antitrust and
competition laws. The Company is cooperating fully with the competition authorities in the
context of their ongoing investigation.
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About TRW
With 2010 sales of $14.4 billion, TRW Automotive ranks among the worlds 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.
Forward-Looking Statements
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 could 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, 2010 (our Form 10-K) and our Report on Form 10-Q for the
fiscal quarter ended April 1, 2011, such as: any developments related to the antitrust
investigation adversely affecting our results, cash flows, financial condition or reputation; any
shortage of supplies causing a production disruption due to the events in Japan or otherwise;
tighter financial markets adversely impacting the availability and cost of credit negatively
affecting our business; a material contraction in automotive sales and production adversely
affecting our results or the viability of our supply base; commodity inflationary pressures
adversely affecting our profitability or supply base; strengthening of the U.S. dollar and other
foreign currency exchange rate fluctuations impacting our results; pricing pressures from our
customers adversely affecting our profitability; any shortage of supplies causing a production
disruption; increasing costs negatively impacting our profitability; the loss of any of our
largest customers materially adversely affecting us; 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 adversely affecting our results; risks associated with non-U.S.
operations adversely affecting our business, results or financial condition; any inability to
protect our intellectual property rights adversely affecting our business or our competitive
position; any increase in the expense of our pension and other postretirement benefits or the
funding requirements of our pension plans reducing our profitability; work stoppages or other
labor issues at our facilities or at the facilities of our customers or suppliers adversely
affecting our operations; volatility in our annual effective tax rate resulting from a change in
our valuation allowances position or other factors; and other risks and uncertainties set forth
in our Form 10-K and in our other filings with the U.S. Securities and Exchange Commission. We do
not undertake any obligation to release publicly any update or revision to any of the
forward-looking statements.
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