June 20, 2005
TRW Automotive Holdings Corp. and China South Industries Group Corp. (CSG) have announced the formation of a joint venture company to manufacture advanced braking and steering systems for China's automotive market. The joint venture was unveiled at a celebration held at the Great Hall of the People in Beijing. The new company, located in the Bishan County of Chongqing, China, is named CSG TRW Chassis Systems Co. Ltd. (CTCS). CSG and TRW hold equal ownership.
"We are enthusiastic about the mutual opportunities the joint venture will offer," remarked John Plant, president and CEO of TRW Automotive. "TRW is pleased to have a strong and vibrant partner in China South Group as we continue to expand our presence in China. This represents another opportunity to produce advanced safety systems in the Chinese market while helping China South Group to differentiate their vehicles and those of their customers," Plant noted.
Xu Bin, President of China South Group, said he is excited about the prospects for cooperation between the two companies. "The establishment of the CSG TRW Chassis Systems Co., Ltd is a new chapter in CSG international cooperation. It will not only raise the technology standard of the automotive components industry in China, but also strengthen the internationalization of our group. We sincerely welcome TRW," he commented.