TRW auto division to go public

TRW Automotive, a company with 2002 sales of $10.6 billion, began trading its shares on the New York Stock Exchange Tuesday. The initial public offering of 24 million shares at $28 to $30 each, is expected to raise nearly $700 million.
According to a report carried by Reuters, the manufacturer of seat belts, brakes, steering and suspension systems, has one of the top-tier revenue streams in the auto parts supply business, but also has a high debt load of $3.7 billion.
TRW is controlled by private equity firm Blackstone Group, which purchased its stake a year ago from defense contractor Northrop Grumman Corp.