LucasVarity in joint venture

LucasVarity in joint venture

LUCASVARITY and the US-based TRW Inc have formed a joint venture to design, develop and manufacture column and pinion drive electric-steering systems for passenger cars and light commercial vehicles. LucasVarity will receive $50m (pounds 30m) from the new joint venture company, TRW LucasVarity Electric Steering Ltd, in return for its electric column drive steering technology and assets. TRW will license its pinion drive technology to the new company, in which it will have a 51 per cent stake while LucasVarity will have 49 per cent.