TRW Automotive Acquires Autocruise
Jun 26, 2003
TRW Automotive and Thales jointly announced today that TRW Automotive has acquired sole ownership of Autocruise, manufacturer of the "world benchmark" radar-based Adaptive Cruise Control (ACC) sensor operating in the 77GHz frequency domain. Terms of the acquisition were not disclosed.
Autocruise was formed in 1999 as a joint venture between TRW Automotive and Thales, with the aim of exploiting the capabilities offered by the parent companies within both the automotive and aerospace markets.
The Autocruise ACC system was introduced on Volkswagen's flagship Phaeton in 2002. Autocruise has also received series contracts to provide ACC sensors for MAN trucks and development contracts with a number of other OEMs.
Following the acquisition, Autocruise will become a wholly owned subsidiary of TRW Automotive. Autocruise, located in a new, purpose built facility in Brest in western France, has been set up with the sole aim of manufacturing automotive radars in high volumes. The company will focus on the developing original equipment market for a range of driver assist systems based on the success of its market-leading ACC system. For example, Autocruise will supply TRW's next generation AC20 radar sensor, which is currently undergoing vehicle testing and will be soon be available to the automotive market.
The acquisition is intended to enable Autocruise and its customers to benefit from a unified, focused automotive supplier. The transaction also supports Thales Group's strategy of focusing its business portfolio on those core activities in which Thales intends to be a market leader. Thales considers that the best opportunities for Autocruise to pursue its growth and development will be found with TRW Automotive.
Thales will continue to support the Autocruise venture by providing radar design expertise.
TRW Automotive, the global leader in automotive safety systems, recorded 2002 sales of $10.6 billion. Ranking among the world's 10 largest automotive suppliers and headquartered in Livonia, Michigan, USA, the company employs approximately 63,000 people in 22 countries. Its products include integrated vehicle control and driver assist systems, braking systems, steering systems, suspension systems, occupant safety systems (seat belts and airbags), electronics, engine valves, fastening systems and aftermarket replacement parts and services. TRW Automotive news is available on the Internet at www.trwauto.com .
Thales is the European leader in naval, airborne and ground based electronic defense systems, onboard mission systems, onboard radars and missile electronics. Thales is one of the world's largest specialists in professional electronics and is well placed in three major markets: aeronautics, defense and IT. The group employs 65,000 people in nearly 50 countries around the world. In 2002, turnover increased to over 11 billion euros, of which 77% was export.Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010824/TRWLOGO AP Archive: http://photoarchive.ap.org/ PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840 SOURCE: TRW Automotive
CONTACT: Manley Ford, +1-734-266-2616, or John Wilkerson, +1-734-266-3864, both of TRW USA; Ilke Kaufmann of TRW Europe, +49-211-584-557; or Monique Navarra of Thales, + 33 (0) 1 34 81 40 50, Fax : + 33 (0) 1 34 81 40 24
Web site: http://www.trwauto.com/