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TRW Automotive reaches Spanish plant closure agreement

TRW Automotive Holdings gave notice on Monday of final approval from the appropriate government agency for the planned closure of its Burgos manufacturing facility in Spain.

The company initially disclosed its intent to close the facility, along with an estimate for minimum related costs, in January of this year.

Under the approved arrangement, the company will incur pre-tax cash restructuring charges relating to severance, retention and outplacement services of approximately $31m (£17.8m).

The facility will be closed in the third quarter of this year, and the cash restructuring charges, previously expected to be incurred in the second quarter, will now be reflected in the company's third quarter financial results.

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