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CALIFORNIA | BRIEFLY: AEROSPACE

TRW to Sell 4 Auto Parts Units to Reduce Debt

May 18, 1999| Times Wire Services

TRW Inc., fresh from its $7-billion acquisition of LucasVarity, said it plans to sell four automotive businesses to reduce its debt from the deal. Cleveland-based TRW, which makes products for the automobile, aerospace and information technology industries, wants to sell TRW Engine Components, Lucas Diesel Systems operations, TRW Nelson Stud Welding and the LucasVarity Wiring companies. The sales should raise a total of about $1.2 billion to $1.5 billion, said Chief Executive Joseph Gorman. He said TRW has received unsolicited inquiries about the companies, which employ about 21,000 people, and is optimistic that they can be sold by the end of the year. TRW stock closed down 69 cents at $45.44 on the New York Stock Exchange. The planned sales are part of TRW's effort to reduce its $9.38 billion in debt by about $2.5 billion in the next 18 months.

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