Wrong, Hedge. The company gets larger and larger in terms of book value, just check the reports :-)
However, although the company gets larger and larger, the market cap gets smaller and smaller. Hence risk/award seems better and better by the day.
Currently the earnings are (way) smaller than before, but we all know that profits will ramp up as soon as TRW gets its financing in place (whether it's the loan or the pre-IPO).