TRW to Buy South Korean Firm’s Assets

TRW Inc., the world’s largest maker of automobile air bags, agreed to buy the assets of South Korean auto parts maker Woo Jin Co. for an undisclosed amount to expand its products for South Korean auto makers. Closely held Woo Jin had 1997 sales of about $24.8 million. The company makes engineered fasteners, switches and controls for heating, ventilating and air conditioning, instrument panels and other parts, mostly for South Korea’s Hyundai Motor Co. Cleveland-based TRW already makes steering and suspension systems, engine valves, fasteners, switches and controls in South Korea through three joint ventures. “This is a good opportunity to increase our exposure to Korean auto makers,” TRW spokesman Jay McCaffrey said. TRW stock rose $1.31 to close at $56.38 on the NYSE.