Federal-Mogul Announces Divestiture of its Sintertech SAS Division in France
(Thomson Reuters ONE) -
March 11, 2013.Southfield, Michigan - Federal-Mogul Corporation's Powertrain
Segment (NASDAQ: FDML) today announced the divestiture of its Sintertech SAS
division to "TMC," a closely held subsidiary controlled by Thierry Morin, French
Industrialist and former Chairman and Chief Executive Officer of Valéo
Corporation. Sintertech develops, produces and sells powdered metal components
for engines and gearboxes for vehicle applications and other industrial
equipment, as well powdered metal filtration elements mainly for the chemical
industry under the brand names Sintertech, Metafram(®), Metagliss(®) and
Poral(®).
The transaction agreement was completed on March 8(th), 2013. Details of the
transaction were not disclosed.
"The Sintertech businesses are well-known in Europe for producing near net shape
powdered metal components for a wide variety of applications in various
industries, however these businesses are not core to Federal-Mogul Powertrain's
long-term portfolio strategy," said Rainer Jueckstock, Federal Mogul's co-CEO
and CEO Federal-Mogul Powertrain. "The Sintertech businesses will benefit from
the industrial experience, customer contacts and focused management expertise of
Thierry Morin and his team. We will work with them to ensure a smooth
transition for customers and other stakeholders."
The Sintertech business includes three manufacturing plants in France located in
Veurey-Voroize, Pont de Claix and Oloron with more than 400 employees.
About Federal-Mogul
Federal-Mogul Corporation (NASDAQ: FDML) is a leading global supplier of
products and services to the world's manufacturers and servicers of vehicles and
equipment in the automotive, light, medium and heavy-duty commercial, marine,
rail, aerospace, power generation and industrial markets. The company's products
and services enable improved fuel economy, reduced emissions and enhanced
vehicle safety.
Federal-Mogul operates two independent business segments, each with a chief
executive officer reporting to Federal-Mogul's Board of Directors. Federal-
Mogul's Powertrain Segment designs and manufactures original equipment
powertrain components and systems protection products for automotive, heavy-
duty, industrial and transport applications. Federal-Mogul's Vehicle Component
Solutions Segment sells and distributes a broad portfolio of products through
more than 20 of the world's most recognized brands in the global vehicle
aftermarket, while also serving original equipment vehicle manufacturers with
products including braking, chassis, wipers and other vehicle components. The
company's aftermarket brands include ANCO(®) wiper blades; Champion(®) spark
plugs, wipers and filters; AE(®), Fel-Pro(®), FP Diesel(®) Goetze(®), Glyco(®),
Nüral(®), Payen(®) and Sealed Power(®) engine products; MOOG(®) steering and
suspension parts; and Ferodo(®) and Wagner(®) brake products.
Federal-Mogul was founded in Detroit in 1899. The company employs 45,000 people
in 34 countries, and its worldwide headquarters is 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.
###
CONTACT:
Steve Gaut
+1-248-354-7826
Steven.Gaut(at)federalmogul.com
Isabel Lebon
Peter & Associés
ilebon(at)peter.fr
+33 1 42 59 73 95
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Federal-Mogul Corporation via Thomson Reuters ONE
[HUG#1684315]
Unternehmensinformation / Kurzprofil:
Datum: 11.03.2013 - 15:00 Uhr
Sprache: Deutsch
News-ID 238055
Anzahl Zeichen: 5309
contact information:
Town:
Southfield
Kategorie:
Business News
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