(Adds details from filing with Securities and Exchange Commission)
CHICAGO, Nov 14 (Reuters) - TRW Automotive Holdings Corp., the fifth-largest U.S. auto parts maker, said on Friday it plans an initial public offering of common stock and had filed a preliminary prospectus with U.S. regulators.
The Livonia, Michigan-based maker of brakes, steering and suspension system said in the filing it expected to raise about $328 million from the share sale and would use the proceeds to repay long-term debt.
TRW's parent is private equity firm Blackstone Group, which purchased the company in February from defense contractor Northrop Grumman Corp.
Northrop had inherited the auto unit when it bought TRW for $6.7 billion in November 2002, mainly for its defense business.
Blackstone currently controls 78.5 percent of TRW's stock and Northrop Grumman owns about 20 percent, with management holding the remainder, according to the filing with the Securities and Exchange Commission.
TRW, which had 2002 sales of $10.6 billion, said it intends to list the shares on the New York Stock Exchange under the symbol "TRW."
Goldman Sachs & Co., Credit Suisse First Boston and J.P. Morgan Securities Inc. will manage the offering, the auto supplier said.