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Article: Northrop Grumman Completes Sale of TRW Automotive Business To The Blackstone Group.
- Article from:
- PR Newswire
- Article date:
- March 3, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Northrop Grumman Corporation announced today that it has completed the $4.7 billion sale of TRW Automotive to affiliates of The Blackstone Group. The consideration included approximately $3.9 billion in the form of cash and debt retained by TRW Automotive, a $600 million payment-in-kind note, and a 19.6 percent equity investment in the new enterprise.
Northrop Grumman said cash proceeds from the sale are expected to be used primarily to pay down debt and to meet corporate obligations.
"At the time we announced our acquisition of TRW, we stated our intention to separate the automotive business," said Kent Kresa, Northrop Grumman chairman and chief ...