28 January 1999
The UK car components group LucasVarity Plc agreed to a four billion pound ($6.60 billion) cash bid from US auto parts supplier TRW Inc.
TRW is a the Cleveland-based maker of air-bags and engine and steering parts, seat belts and suspension parts. TRW had a 1998 sales volume of $11.9 billion (60% automotive, 40% space and defense).
LucasVarity manufactures diesel fuel injection systems, fuel pumps, fuel injectors, and electronic controls. LucasVarity is the world's second biggest auto brake maker. Its aerospace arm makes systems for power generation and flight control. LucasVarity had a 1998 turnover of 4.7 billion pounds and employed 51,000 people.