TRW Plans Billion Dollar IPO

TRW Automotive Holdings Corp. plans to raise as much as more than a billion dollars Canadian in an initial public offering of stock, according to a report in the Detroit Free Press.
The automotive parts maker, which is owned by private equity firm Blackstone Group, amended an earlier plan to raise as much as $350 million U.S., the Livonia-based company said in a Securities and Exchange Commission filing.
Company spokesman Manley Ford declined to comment further on the filing according to the report.
Blackstone, which manages the world’s biggest buyout fund, completed its $4.7-billion purchase of TRW Automotive from Northrop Grumman Corp. in February.
TRW Automotive, which employs 61,000 people in 22 countries, makes braking, steering and suspension systems and engine valves.