SOUTHFIELD, Mich., April 2 /PRNewswire-FirstCall/ -- The U.S. Bankruptcy
Court in Wilmington, Delaware, has approved an agreement under which
Federal-Mogul Corporation (OTC Bulletin Board: FDMLQ) would sell certain
original equipment lighting assembly operations to
Decoma International Inc. (Nasdaq: DECA; TSX: DEC.A;). Decoma International
is based in Concord, Ontario, Canada.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000525/DETH025LOGO )
The two companies signed the agreement March 12. The sale is expected to
close on April 14, 2003. The transaction, including the value of inventory
sold to Decoma and assets retained by Federal-Mogul, will generate
approximately US$19 million for Federal-Mogul.
Under the sale agreement, Decoma International would acquire Federal-
Mogul's original equipment lighting manufacturing facility in Matamoros,
Mexico; a distribution center in Brownsville, Texas; and an assembly operation
in Toledo, Ohio. Decoma International would also acquire customer contracts
and supporting manufacturing equipment at the Federal-Mogul lighting facility
in Hampton, Virginia. The facilities produce mainly forward lighting modules
for cars and trucks.
Federal-Mogul is a global supplier of automotive components and sub-
systems serving the world's original equipment manufacturers and the
aftermarket. The company utilizes its engineering and materials expertise,
proprietary technology, manufacturing skill, distribution flexibility and
marketing power to deliver products, brands and services of value to its
customers. Federal-Mogul is focused on the globalization of its teams,
products and processes to bring greater opportunities for its customers and
employees, and value to its constituents. Headquartered in Southfield,
Michigan, Federal-Mogul was founded in Detroit in 1899 and today employs
47,000 people in 24 countries. For more information on Federal-Mogul, visit
the company's web site at http://www.federal-mogul.com .
SOURCE Federal-Mogul Corporation
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Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20000525/DETH025LOGO
PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840
Related links:
http://www.federal-mogul.com
Company News On-Call:
http://www.prnewswire.com/comp/306225.html
CONTACT:
Kimberly Welch, +1-248-354-1916, or Jim
Fisher, +1-248-354-9809, both of Federal-Mogul Corporation
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