Oct. 1, 2012
/PRNewswire/ -- TRW Automotive Holdings Corp. (NYSE: TRW), the global leader in active and passive safety systems, today announced that its Board of Directors has authorized a
share repurchase program. The repurchase program, which will commence in the fourth quarter of this year, is expected to be executed over two years. In implementing the program, the Company may utilize a variety of methods, which may include negotiated block transactions, accelerated share repurchase transactions or open market purchases, some of which may be effected through Rule 10b5-1 plans, or by any combination of the foregoing. The timing of the repurchases will depend on several factors, including market and business conditions, and the repurchases may be discontinued at any time.
In addition, on
September 28, 2012
, the Company completed the refinancing of its principal credit facility, which, among other things, increased the Company's existing
revolving credit facility to
and extended its maturity to 2017. There are currently no loans drawn under this facility. The new bank agreement increases the flexibility of the Company's strong capital structure.
"The share repurchase program announced today reflects TRW's on-going commitment to maximizing shareholder returns over time and demonstrates our confidence in sustaining positive earnings and cash flow from our operations," said
John C. Plant
, Chairman and Chief Executive Officer. "Our positive outlook and strong capital structure should allow TRW to continue making the necessary investments in our business in support of future growth while enhancing returns to our shareholders."
The Company will host a brief conference call at
9:00 a.m. (Eastern time)
Monday, October 1, 2012
, to discuss today's capital structure announcement. The Company will not be providing an update on the current quarter nor will any topics be discussed other than those pertaining to TRW's capital structure. To participate in the conference call, please dial (877) 852-7898 for U.S. locations, or (706) 634-1095 for international locations.
An audio replay of the conference call will be available approximately two hours after the conclusion of the call and will be accessible afterward for approximately one week. To access the replay, U.S. locations should dial (855) 859-2056, and locations outside the U.S. should dial (404) 537-3406. The replay code is 35114799. A live audio webcast and replay of the conference call will also be available on the Company's website at
With 2011 sales of
, TRW Automotive ranks among the world's leading automotive suppliers. Headquartered in
, 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