SOUTHFIELD, Mich., April 11 /PRNewswire-FirstCall/ --
Federal-Mogul Corporation (OTC Bulletin Board: FDMLQ) has completed the sale
of its United States camshaft operations to ASIMCO Camshaft Specialties, Inc.,
a company formed by ASIMCO International -- an automotive components
manufacturing company based in Beijing, China -- and Key Principle Partners, a
private investment firm based in Cleveland, Ohio. Federal-Mogul received
total consideration of approximately US$28 million, including the sale price
and retained accounts receivable of the operations.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000525/DETH025LOGO )
The sale was completed following approval of the transaction by the U.S.
Bankruptcy Court in Wilmington, Delaware.
The sale includes operations at two locations in Grand Haven, Michigan,
and one location in Orland, Indiana, which manufacture camshafts for passenger
car and commercial vehicle applications. The operations sold have about 500
employees and had combined sales of approximately $80 million in 2001.
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/gh/cnoc/comp/306225.html
CONTACT:
Jim Fisher of Federal-Mogul Corporation,
+1-248-354-9809, or mobile: +1-248-224-8038
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