TRW to reduce debt with sales
Tuesday 18 May 1999
TRW IS planning to use $1.2-$1.5bn from the sale of four businesses, including LucasVarity Wiring and Lucas Diesel Systems, to reduce debt, the US autocomponents giant said yesterday.
The $6.5bn purchase of LucasVarity, completed last week, boosted TRW's debt to more 80 per cent of total capital. Lazard Freres is advising on the sale of Lucas Diesel Systems, which has 9,200 employees across Europe, with plants in Kent, Gloucestershire and East Anglia. The sale of Lucas Wiring, which has 5,500 workers in Sunderland and Newcastle under Lyme, was announced in March.
No job losses are anticipated as a result of the sales, TRW added yesterday.
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