TRW achieved solid financial results in 2005, with sales increasing 5.3% to $12.6 billion and operating income of $553 million, despite challenges in the automotive industry. The company focused on diversifying its customer base, with its largest customer representing only 16.1% of sales. TRW also strengthened its global reach, with 64% of sales coming from outside of North America. The company increased investments in research and engineering to $780 million to develop innovative safety technologies. TRW is well positioned with its expertise in both active and passive safety systems to help automakers further advance vehicle safety.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
3. Financial Highlights
(in $ millions, except where noted)
Years Ended December 31
Select Income Statement Items: 2005 2004
1
Sales 12,643 12,011
553 a 580 a
Operating income
Operating income as a % of sales 4.4 % 4.8 %
Net interest and securitization expense 231 252
7b 173 b
Debt retirement expenses
Net earnings 204 29
176 b,c 173 b
Net earnings excluding debt retirement expenses and one-time benefits
Common Stock Per Share Data:
Weighted average diluted shares 102.3 100.5
Net earnings per diluted share 1.99 0.29
1.72 b,c 1.72 b
Net earnings excluding debt retirement expenses and one-time benefits per diluted share
Capital Structure /Cash Flow:
Cash and marketable securities 676 809
Gross debt 3,236 3,181
Net debt (gross debt less cash and marketable securities) 2,560 2,372
244 d
Net debt impact from Dalphimetal acquisition —
Net debt excluding impact of Dalphimetal acquisition 2,316 2,372
Capital expenditures 503 493
Net cash provided by operating activities 502 787
Operating income includes restructuring and asset impairment expenses of $107 million in 2005 and $38 million in 2004.
a
See the Reconciliation Section after the Report on Form 10-K herein for detail of the components included in debt retirement expenses and a reconciliation to the closest GAAP measurement.
b
c 2005 one-time benefits include $18 million for adjustment to reserves for litigation and $17 million for a tax law change in Poland.
d Reflects Dalphimetal transaction cost of $140.5 million plus year-end debt of $110.9 million less year-end cash of $7.1 million.
Customer Mix Geographic Mix
Ford 16.1%
Other 15.7%
Europe 55%
Hyundai 2.1%
Honda 2.6%
Toyota 3.1%
DaimlerChrysler 14.4%
BMW 3.5% North America 36%
PSA 4.1%
Fiat 4.3%
Volkswagen 14.3%
Renault/Nissan 8.5%
Rest of World 9%
General Motors 11.3%
Product Mix
Other 1.2%
Fasteners & Components 3.4%
Body Controls 4.4%
Steering Gears & Systems 16.3%
Engine Valves 4.9%
Steering Wheels 3.2%
Crash Sensors & Other Electronics 5.8%
Foundation Brakes 14.1%
Seat Belts 7.4%
ABS & Other Brake Control 9.3%
Airbags 14.2%
Aftermarket 7.2%
Chassis Modules 3.9%
Link & Suspension 4.7%
Active Passive Auto Components
1
4. Our leading diversification improved
in 2005. For the year, we generated
64 percent of our sales outside of North
America, our largest customer stood at
16 percent of sales and the largest
vehicle program represented just
3 percent of our sales. Further, our
diversification strengthened as a result
of last year’s acquisition of a majority
stake in Dalphi Metal Espana, S.A.
(“Dalphimetal”), which manufactures
airbags and steering wheels. The
integration of Dalphimetal provides
increased business with leading
European manufacturers and better
positions us to meet the growing
demand for passive safety products.
There is a tremendous sense of
urgency at TRW to enhance our status
as a leading supplier and to improve
our competitiveness in this unrelenting
industry environment. We accelerated
our cost reduction plans in 2005,
announcing ten plant closures and
raising our restructuring-related
expenses above $100 million. The
incremental investment in restructuring
will provide a more competitive footprint by improving capacity
Dear Shareholders
utilization and lowering manufacturing costs.
I’m pleased to say that 2005 was a year of solid achievement
Our focus on safety innovation has never been sharper.
and significant progress for TRW. The Company performed
For the third consecutive year, we increased our investment
well in an extremely challenging industry environment, and
in research, development and engineering, spending
for the second consecutive year as a publicly traded company,
approximately $780 million or 6.2 percent of sales in 2005.
we exceeded our financial and operational targets.
Most of the additional investment was in technical expertise,
We also made significant progress across all of our Strategic raising our engineering population worldwide to approximately
Priorities (Best Quality, Lowest Cost, Global Reach and 5,000 employees. We are investing capital to grow our
Innovative Technology). These Priorities, which are essential capabilities in all regions, including the acquisition of
to the Company’s long-term competitiveness, have become Dalphimetal and significant investments in Asia, where we
ingrained in our daily business activities and are used to now have 30 facilities, 3,600 employees and 14 joint
guide our allocation of resources to support research and ventures as well as wholly owned TRW facilities. In 2005,
development, manufacturing investments and growth we opened technical centers in China and Poland, and another
initiatives. one is planned for Japan.
During the course of the year, we experienced a number We believe TRW’s level of safety offerings has no equal in the
of profit pressures, including customer demands for price marketplace. As a leader in integrated safety systems, we have
reductions, erosion of market share of our largest North the unique ability to assist our customers in taking automotive
American customers, rising interest rates, customer and safety to the next level. This is one reason why vehicle
supplier solvency issues and significantly higher costs for manufacturers regularly seek our expertise to help them
commodities such as steel, resins, energy and more recently develop advanced safety solutions.
aluminum.
In the final evaluation, our customers judge whether we are
Despite these challenges, TRW achieved a healthy financial meeting or exceeding their expectations. It is always the next
performance in 2005, growing sales by more than 5 percent contract that provides the best indicator, which was the case in
and posting solid profits. Operating profits before restructuring- 2005, when we had another outstanding year for new business
related expenses increased by approximately 7 percent wins. The sales awards we received in 2005 were in line
compared to 2004. Our performance can be attributed to the with our objectives and at a level that supports our future
success of our safety product positioning in the marketplace, growth expectations and enhances the diversity and
together with our industry-leading diversification and the mix of our customer portfolio.
benefits derived from well-executed productivity improvements
and cost reduction programs, including Six Sigma, Value
Engineering and Operational Excellence.
2
5. 2005 Financial Highlights Business Outlook
We reported 2005 sales of $12.6 billion, which represents an Looking toward the longer term, we will maintain our focus
increase of 5.3 percent compared to the prior year period. on vehicle safety, continue to diversify the customer and
Growth in 2005 was strong, fueled by the success of our safety geographic spread of the business and continue to leverage our
products and the strength of a number of customer platforms, highly skilled workforce to grow the business profitably. We
particularly in Europe, together with benefits derived from believe our business model offers us resiliency and strength in
currency translation and incremental sales resulting from our today’s environment and increasingly the ability to be flexible
acquisition of Dalphimetal in the fourth quarter of last year. when adversity and uncertainty yield market opportunities.
Sales were negatively impacted by annual price reductions
The global automotive industry is changing at a rapid pace.
provided to customers and continued domestic market share
Competition for market share among vehicle manufacturers in
losses by some of our major North American customers.
the major vehicle producing regions continues to intensify and
Operating income for the 2005 year was $553 million or is reshaping the vehicle and component industry.
4.4 percent of sales, which compares to $580 million or
Many of the challenges we faced last year will again be center
4.8 percent in 2004. TRW significantly increased its restructuring
stage in 2006. We expect significant profit pressures relating
activities in 2005, resulting in increased expenses that were
to customer demands for price reductions, higher commodity
approximately $70 million more than in the prior year.
costs, customer and supplier solvency issues and rising
Operating income was also impacted by the negative industry
interest rates.
factors discussed previously.
The demand for safety products is critical to sustaining
In 2005, the Company reduced interest and securitization
our growth, as we expect minimal vehicle volume increases
expense by $21 million to $231 million for the year. The year-
in Europe and North America over the foreseeable future.
to-year reduction resulted from the benefits derived from past
The sales generated from safety products along with the
deleveraging efforts partially offset by the impact of rising
benefits derived from our cost reduction programs and past
interest rates associated with the Company’s floating rate debt.
restructuring actions are expected to help mitigate many of
Full-year 2005 net earnings were $204 million or $1.99 per the negative industry pressures that we are experiencing.
diluted share, which compares to net earnings of $29 million
With that backdrop, the level of uncertainty surrounding the
or $0.29 per diluted share in the prior year. Net earnings
2006 environment is daunting, as severe economic strain
after adjusting for one-time items in both periods, net of the
continues to take its toll on the automotive industry. For the
assumed tax impacts, were $176 million or $1.72 per diluted
2006 year, we have committed to a plan that will test our
share in 2005, which compares to $173 million or $1.72 per
highly disciplined operational programs and will require good
diluted share in the prior year.a
execution to achieve. We are ready to meet those tests and
Solid profitability led to a year of good cash flow generation, I look forward to reporting our progress to you during 2006.
with net cash provided by operations of $502 million, which
Sincerely,
compares to $787 million in 2004. The year-to-year decline of
$285 million resulted primarily from an increase in working
capital at year-end and a higher level of pension funding in
2005. Capital expenditures, which support our new business
growth, totaled $503 million in 2005, which compares to John C. Plant
$493 million in the prior year. President and Chief Executive Officer
TRW Automotive
This letter contains forward-looking statements, which involve risks and uncertainties. Such risk and uncertainties, which could cause our actual results to differ
materially from those contained in the forward-looking statements made in this letter, are set forth in “Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” under “Forward Looking Statements” in the accompanying Annual Report on Form 10-K. We do not intend or assume
any obligation to update any of these forward-looking statements.
a Please see the Reconciliation Section after the Report on Form 10-K herein for a reconciliation to the closest GAAP equivalent.
3
7. Safety sets TRW apart.
Integrated safety makes us unique.
By integrating “active” safety systems, which are those that help avoid accidents, and
“passive” safety systems, which help mitigate the effects of an accident, not only are new
and enhanced levels of automotive safety possible, they are being achieved today.
Combining TRW’s unique position in both active and passive safety with its market
leadership in sensors and sophisticated electronics has placed the company in an
ideal position to bring these safety advancements to the market.
TRW is focusing its integrated safety efforts on technology combinations that
offer the greatest potential to enhance the safety of drivers and passengers.
Over the next few pages, we demonstrate just how far vehicle safety has come
and how much the state of the art is accelerating. A number of products
shown are in vehicles today; all can be production-ready in this decade.
Adaptive Cruise Control – Adaptive cruise control
is a key enabling technology for integrating
active and passive safety. The illustrations (above Haptic Acoustic
Warning Warning
right and below left) show a center-mounted
long-range radar and two outboard located short-
range radars working together to monitor what’s
happening in front of the vehicle from the total
width of the front bumper to vehicles moving
150 or more meters ahead. Working in
combination with a vehicle’s braking and engine
management systems, these sensors can help manage a vehicle’s speed and interval
from the leading car at highway speeds as well as in stop-and-go traffic, without the
driver ever having to touch the pedals.
Collision Warning and Preparation – With short- and long-range
radar systems on board, the adaptive cruise control
system evolves from a convenience system to
a true safety system, capable of detecting
objects in close proximity and warning
the driver (above center) by
producing an audible warning
or a haptic one, such as a
programmed vibration of the
steering wheel or seat
cushion. In addition to
warning the driver to take action, the brake system can be pre-armed
to provide maximum brake boost once the driver does engage the
brakes, resulting in reduced stopping distances (left). In addition,
the reversible electric motor in TRW’s active control retractor seat
belts (above right) can be signaled to remove the seat belt slack and
better position the vehicle’s occupants for a potential crash.
5
8. TRW helps to keep you on the road.
Lane Departure Warning – TRW’s forward-facing video
camera mounted behind the rear view mirror (right)
can detect the lane markings on a highway and
alongside many types of roadways. If a driver does not
intentionally indicate a lane change through the use of
the turn signal, an audible or haptic warning alerts the
driver that the vehicle has drifted from the lane. This
can be particularly valuable in helping prevent
unintended road departures. By adding short-range
sensors at the sides of the vehicle, a similar warning
can be given during a lane-change maneuver should
there be a vehicle in the driver’s blind spot (below
center).
Lane Guidance – This technology
integrates a TRW electric
steering system with
the video system. As with lane
departure warning, the video
system detects if the vehicle
begins to drift from the center
of its lane or the edge of the
roadway, and the electric
steering provides a torque that
helps the driver guide the
vehicle back to the center of
the lane (far right).
Rollover Prevention and Mitigation – TRW’s active dynamic control
suspension systems (below) help counteract vehicle body roll without
sacrificing ride quality. When integrated with electronic stability
control, the two systems work together not only to help prevent body
roll, but also to help manage skids.
Without ADC With ADC
6
9. When the accident is unavoidable,
TRW is there to help protect you.
Adaptive Restraints – One of the prime examples of
active and passive safety integration already available
on vehicles is TRW’s active control retractor seat belt
system. This system uses signals from active safety
systems such as electronic stability control or brake
assist to sense a possible loss of lateral vehicle control
or an emergency stop situation. Once a potentially
dangerous situation is sensed, the active control
retractor seat belt rapidly removes slack to help better
position the occupant for a possible accident. If
the accident is avoided, the system will release after
five seconds and return to normal seat belt mode.
Pre-Crash / Automatic Emergency Braking – The
combination of forward-looking radar and video
systems (adaptive cruise control and lane departure
warning) provides an enhanced picture of the road
ahead. When integrated with electronic stability
control, these systems can enable automatic
emergency braking to help mitigate the
effects of impact. In addition to applying
full brake pressure, the active control
retractor seat belt can also be engaged prior
to the actual impact, thus improving the
margin of safety for the occupants.
Side Impact Integration – TRW active safety
technologies such as electronic stability control or
active dynamic control help drivers to avoid or mitigate the
impact of vehicle accidents. Should an accident occur,
passive safety systems will work in concert with active safety systems
to better position occupants. In the event of a side impact collision,
TRW’s curtain or side and thorax airbags inflate to offer a greater
measure of protection.
7
10. TRW At a Glance
Overview Locations
TRW Automotive ranks among the world’s largest and most TRW has 209 facilities in 25 countries with principal
diversified suppliers of automotive systems, modules and executive offices located in Livonia, Michigan.
components to global vehicle manufacturers and related
Austria Malaysia Sweden
aftermarkets.
Brazil Mexico Switzerland
• $12.6 billion annual sales in 2005
Canada Poland Thailand
• Strategically focused product portfolio with more than 80%
China Portugal Tunisia
of sales derived from safety-related products
Czech Republic Romania Turkey
• Industry-leading sales diversification, with the largest
France Singapore United Kingdom
geographic sales region amounting to 55% of sales, largest
Germany South Africa United States
customer concentration amounting to 16% of sales and
Italy South Korea
largest product group amounting to 16% of sales
Japan Spain
• Customers include all major vehicle manufacturers across
the primary automotive producing regions
Research, Development and Engineering
• Market leadership positions in most primary product lines
We operate a global network of technical centers worldwide,
which allows us to develop automotive active and passive
Operating Segments
technologies while improving existing products and systems.
The Company conducts all of its operations through its
• At present, we employ approximately 5,000 engineers,
subsidiaries and along three operating segments.
researchers, designers, technicians and support personnel
Chassis Systems • In 2005, we invested approximately 6.2% of sales to
• 2005 sales of $7.2 billion or 57% of total sales support our global efforts
• Primary products include steering gears and systems, • The Company utilizes sophisticated testing and computer
foundation brakes, brake control (ABS, electronic stability simulation equipment, including computer-aided
control and traction control systems) and suspension systems engineering, noise-vibration-harshness rigs, crash sled and
math modeling
Occupant Safety Systems
• We believe that continued research, development and
• 2005 sales of $3.8 billion or 30% of sales
engineering activities are critical to maintaining our
• Primary products include airbags, seat belts, safety
leadership position in the industry and will provide us with a
electronics and steering wheels
competitive advantage as we seek additional business with
Automotive Components new and existing customers
• 2005 sales of $1.7 billion or 13% of sales
• Primary products include body controls, engine valves and
engineered fasteners
Employees
Our people are our true competitive advantage. As of
December 31, 2005, the Company had approximately
63,100 employees, of which 27% are considered salaried
workers with the remaining 73% hourly workers.
Europe 33,800
North America 21,300
South America 4,400
Asia Pacific 3,600
8