FEDERAL-MOGUL ESTABLISHES NEW OPERATING SEGMENT STRUCTURE
(Thomson Reuters ONE) -
Operating segments realigned to strengthen focus on unique end-customer market
requirements
SOUTHFIELD, Michigan, September 4, 2012..Federal-Mogul Corporation (NASDAQ:
FDML) today announced the Company has begun operating with two business
segments, each with a chief executive officer reporting to Federal-Mogul's Board
of Directors. Federal-Mogul's powertrain segment focuses on original equipment
products for automotive, heavy duty and industrial applications. The vehicle
components segment sells and distributes a broad portfolio of products in the
global vehicle aftermarket, while also serving original equipment (OE/OES)
manufacturers with vehicle products including brake friction, chassis, wipers
and other vehicle components.
"Today's announcement is the fulfillment of the direction established by the
Company's Board of Directors in March 2012, to focus the business on the unique
needs of customers who buy original equipment powertrain products, or
aftermarket and vehicle components," said Rainer Jueckstock, co-CEO, Federal-
Mogul and CEO F-M Powertrain Segment. "The two operating segments will continue
to be divisions of Federal-Mogul Corporation and continue to use the FDML stock
symbol."
The operational segmentation became effective on September 1, 2012 and future
financial reporting of Federal-Mogul operating results will be based on this new
two-segment structure.
"The new organizational model allows for a strong product line focus benefitting
both original equipment and aftermarket customers and will enable the global
Federal-Mogul teams to be responsive to customers' needs for superior products
and to promote greater identification with Federal-Mogul premium brands," said
Michael Broderick, co-CEO, Federal-Mogul and CEO Vehicle Components Segment.
Benefits of Segmentation
The Company's Board of Directors established the direction for segmenting
business operations on the basis of end-customer needs unique to the global
powertrain business as well as the global vehicle service components and
aftermarket repair business.
The division of the global Federal-Mogul business into two operating segments is
expected to enhance management focus to capitalize on opportunities for organic
or acquisition growth, profit improvement, resource utilization and business
model optimization in line with the unique requirements of the two different
customer bases.
"We have made significant progress in the last five months in preparing the
Company's major product lines to operate in structure with two independent
segments. I am proud of the organization, as we have put in place the
structure, leadership teams and operating approach while continuing to be
focused on our customers and delivering quality products," said Mr. Jueckstock.
The following summary provides information of Federal-Mogul Corporation's two
separate business segments (the full year 2011 sales information reflects the
sales in the respective segments as if they had been segmented in this manner as
of January 1, 2011):
Federal-Mogul Powertrain at a Glance
Full Year 2011 Sales: $4.2 billion (with intercompany sales)
Manufacturing Plants: 79
Engineering Centers: 12
Employees: 32,500
Main Product Lines: Pistons, piston rings, cylinder liners, valve seats, valve
guides, bearings, spark plugs, bushings, static gaskets and dynamic seals, heat
shields, systems protection products
Federal-Mogul Vehicle Component Solutions at a Glance
Full Year 2011 Sales: $3.1 billion
Manufacturing Plants: 31
Engineering Centers: 8
Distribution Centers: 20
Employees: 12,500
Primary Aftermarket Brands: Abex(®), AE(®), ANCO(®), Beral(®), Champion(®), FP
Diesel(®), Fel-Pro(®), Ferodo(®), Glyco(®), Goetze(®), MOOG(®), National(®),
Nüral(®), Payen(®), Sealed Power(®), Speed-Pro(®), Wagner(®)
Main Product Lines: Engine and sealing components, brake friction, wipers,
steering and suspension, fluids and chemicals
About Federal-Mogul
Federal-Mogul was founded in Detroit in 1899 and employs 45,000 people in 34
countries. Worldwide headquarters are in Southfield, Michigan, United States.
For more information, please visit www.federalmogul.com.
Forward-Looking Statements
Statements contained in this press release, which are not historical fact,
constitute "Forward-Looking Statements." Actual results may differ materially
due to numerous important factors that are described in Federal-Mogul's most
recent report to the SEC on Form 10-K, which may be revised or supplemented in
subsequent reports to the SEC on Forms 10-Q and 8-K. Such factors include,
among others, fluctuations in domestic or foreign vehicle production,
fluctuations in the demand for vehicles containing our products, the Company's
ability to generate cost savings or manufacturing efficiencies to offset or
exceed contractually or competitively required price reductions or price
reductions to obtain new business, conditions in the automotive industry, the
success of the company's segmentation and corresponding effects and general
global and regional economic conditions. Federal-Mogul does not intend or assume
any obligation to update any forward-looking statements.
CONTACTS:
Steve Gaut
(248) 354-7826
steven.gaut(at)federalmogul.com
Jim Burke
(248) 354-4530
jim.burke(at)federalmogul.com
David Pouliot for investor questions
(248) 354-7967
david.pouliot(at)federalmogul.com
# # #
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originality of the information contained therein.
Source: Federal-Mogul Corporation via Thomson Reuters ONE
[HUG#1638594]
Unternehmensinformation / Kurzprofil:
Datum: 04.09.2012 - 14:34 Uhr
Sprache: Deutsch
News-ID 180075
Anzahl Zeichen: 6933
contact information:
Town:
Southfield
Kategorie:
Business News
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"FEDERAL-MOGUL ESTABLISHES NEW OPERATING SEGMENT STRUCTURE"
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