Federal-Mogul Corporation : Federal-Mogul Announces Divestiture of its
Sintertech SAS Division in France
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.
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^®
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
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.
Peter & Associés
+33 1 42 59 73 95
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applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Federal-Mogul Corporation via Thomson Reuters ONE
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