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TRW Discloses New Structure, Management

April 29, 1999|Reuters

TRW Inc. made public the new corporate structure and management team under which it will operate after it closes its acquisition of British car and aerospace components maker LucasVarity. The new corporate structure would be similar to the existing TRW in that the newly merged, $13-billion company would be run as two units that keep the automotive operations distinct from the rest. But the nonautomotive unit would become TRW Aerospace and Information Systems, adding "aero" to the unit's name to reflect Lucas' aeronautical products; it's a business sector not included in the existing TRW's portfolio. TRW named Ronald Sugar as president and chief operating officer of TRW Aerospace and Information Systems. Sugar previously held positions in other TRW information-related units. A search has begun for an executive to lead TRW Automotive after LucasVarity's chief executive, Victor Rice, said last week that he would not head up the segment. TRW Chief Executive Joseph Gorman meanwhile told analysts in Cleveland that the company is seeking to quickly reduce debt to address Wall Street's concerns over the leveraged nature of the LucasVarity deal to boost its stock, which has fallen 30% in the last year. TRW closed up 69 cents at $42.63 on the New York Stock Exchange.

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