Federal-Mogul Announces Sale of its Connecting Rod and Camshaft Business Comprised of Two Manufacturing Plants in Canada and the U.K.
(Thomson Reuters ONE) -
July 1, 2013...Southfield, Michigan - Federal-Mogul Corporation's Powertrain
Segment (NASDAQ: FDML) today announced that it has entered a definitive
agreement to sell its connecting rod and camshaft business to JD Norman
Industries, Inc. with an effective date of June 28, 2013. The sale involves
Federal Mogul's sole connecting rod machining plant, located in Windsor, Canada
and only camshaft foundry, located in Lydney, United Kingdom. As part of the
agreement JD Norman Industries will continue to employ Federal-Mogul's current
230 associates working in these two facilities.
"The Windsor and Lydney plants are respected for their experience and high
quality operations by their customers, including General Motors, Ford, Chrysler,
Linamar, Jaguar, Land Rover, PSA and others, however the connecting rod and
camshaft business is not core to Federal-Mogul Powertrain's long-term portfolio
strategy," said Rainer Jueckstock, Federal Mogul's co-CEO and CEO Federal-Mogul
Powertrain. "These plants will benefit from the industrial experience, business
strategy and respected relationships with key customers offered by the JD Norman
management team. We will work with them to ensure a smooth transition for
customers, employees and other stakeholders."
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.
Federal-Mogul was founded in Detroit in 1899. The company employs 45,000 people
in 34 countries. For more information, please visit www.federalmogul.com.
About JD Norman Industries
JD Norman Industries, Inc. is a diversified manufacturer of metal components and
systems with operations in the United States, Mexico, Canada and the United
Kingdom. JD Norman is a leader in the manufacturing of highly engineered
product included formed, machined and cast metals. The company serves major
original equipment manufacturers of automotive, industrial and transportation
products. For more information about the company, visit www.jdnorman.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:
For Federal-Mogul:
Steve Gaut
+1-248-354-7826
steven.gaut(at)federalmogul.com
For JD Norman:
Carol Bouma
+1-630-458-3705
carol.bouma(at)jdnorman.com
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#1713254]
Unternehmensinformation / Kurzprofil:
Datum: 01.07.2013 - 16:00 Uhr
Sprache: Deutsch
News-ID 274828
Anzahl Zeichen: 5438
contact information:
Town:
Southfield
Kategorie:
Business News
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