TRW to Streamline Operations, Cut Costs
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TRW Inc. said it plans to streamline operations and slash its dividend by 50%.
The Cleveland-based company said it will reduce costs at its corporate headquarters by 30%, or $65 million, in part by cutting about 180 jobs, and will consolidate its three automotive businesses into two entities. TRW also cut its quarterly dividend to 17.5 cents a share from 35 cents.
The company said that with the actions, it will be able to meet consensus earnings estimates for 2001 and 2002, based on current automotive production projections.
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