TRW Automotive Holdings (TRW)

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Thomas Shyr

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TRW Automotive Holdings (NYSE: TRW) makes auto parts and is the world's second-largest producer of auto safety components, with a significant share of global sales in 2009. TRW is a leader in the auto safety industry, and it supplies parts to many large auto companies including General Motors (GMGMQ), Ford Motor Company (F), and Volkswagen (VLKAY).^[1] In 2009, TRW had total revenues of $11.6 billion, posting a net income of $73 million.

Rising prices for raw materials such as steel can have significant impact on TRW's cost of goods sold (COGS) and can significantly impact earnings. On the other hand, a government mandate that all passenger cars have side airbags by 2012^[2] has given TRW's revenues a boost in its Occupant Safety Systems segment. Likewise, a weak U.S. dollar gives TRW's non-U.S. customers more incentive to buy their products, because they are relatively cheaper with a weak dollar.

Company Overview

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Occupant Safety Systems (25.2%)

Occupant Safety Systems produces safety products related to air bags, seat belts, and vehicle security. This segment's main products include airbags, seat belts, and safety electronics. In 2009, this segment's net sales decreased $901 million to $2.9 billion.^[3]

Electronics (7.4%)

The electronics segment had its net revenues decline $320 million in 2009 to $864 million.^[4]

Automotive Components (11.5%)

Automotive Components produces components for engines, controls, and fasteners. The company's engine components consist mostly of engine valves. In 2009, total net sales declined by $320 million in to $864 million.^[4]

Key Trends and Forces

All passenger cars sold in the U.S. must have side airbags by 2012

In 2007, the National Highway Traffic Safety Administration announced a new regulation under which all cars sold in the United States must have side airbags by 2012.^[5] As a result, TRW's Occupant Safety Systems revenue jumped over 9% from $4,326 million in 2006 to $4,714 million in 2007.^[6]

TRW's three largest customers accounted for 45.7% of 2009 revenue

TRW is heavily dependent on a few key Auto Makers, as its three largest customers accounted for 45.7% of its 2009 revenue. Volkswagen (VLKAY), Ford Motor Company (F), and General Motors (GM) accounted for 19.1%, 15.6%, and 11.1% of TRW's 2009 revenue, respectively.^[1] If any of these customers were to order fewer of TRW's products, go out of business, or start ordering components from a new supplier, TRW would find itself losing a large percentage of its revenue. Sluggish conditions in the U.S. auto market are of particular concern to GM and Ford, two of TRW's largest customers.

Competition

• Autoliv (ALV) manufactures airbags and seat belts that compete directly with TRW's safety products.^[7]
• Takata Corporation (TYO:7312) also sells airbags, seat belts, and related safety components to auto manufacturers.^[8]
• Key Safety Systems, a private company, also competes with TRW's products in the auto safety industry.^[9]
• Delphi Corporation (DPHIQ) competes with both TRW's safety products and its control products from the Automotive Components segment.^[10]
• Visteon (VC) makes electronic safety and security parts.^[11]

References

1. ↑ ^{1.0 1.1} TRW 10-K 2009 Item 1 Pg. 9
2. ↑ Edmunds: NHTSA Mandates Side Airbag Protection in All Passenger Cars
3. ↑ TRW 10-K 2009 Item 7 Pg. 36
4. ↑ ^{4.0 4.1}
5. ↑ Edmunds: NHTSA Mandates Side Airbag Protection in All Passenger Cars
6. ↑ TRW 2007 10-K: Occupant Safety Systems, pg 35
7. ↑ Google Finance: ALV
8. ↑ Business Week: 7312.T
9. ↑ Google Finance: Key Safety Systems, Inc.
10. ↑ Google Finance: DPHIQ
11. ↑ Google Finance: VC