TRW Automotive Holdings Corp. confirmed today that it received a preliminary, non-binding proposal to acquire the company and is evaluating the proposal and other strategic alternatives that might enhance stockholder value.
The company said it will continue to execute its existing business plan while it conducts this analysis.
TRW Automotive Holdings said it has not made a decision to pursue any specific strategic transaction or any other strategic alternative, and there is no set timetable for the strategic review process. There can be no assurance that the process described above will result in the consummation of any transaction or any changes to the company's current business plan.
The company undertakes no obligation to provide further updates and said it does not intend to comment further regarding the evaluation of any offers or strategic alternatives until the board of directors has determined the outcome of the process or has deemed that disclosure is appropriate.
TRW Automotive Holdings has retained Goldman, Sachs & Co. as its financial advisor.
With 2013 sales of $17.4 billion, TRW Automotive ranks among the leading automotive suppliers. Headquartered in Livonia, Mich., the company, through its subsidiaries, operates in 24 countries and employs approximately 65,000 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.