SOUTHFIELD, Mich., Nov. 10 /PRNewswire-FirstCall/ -- Federal-Mogul
Corporation (OTC Bulletin Board: FDMLQ) announced today that it will produce
cylinder liners for a Japanese automaker in a new joint venture in Europe.
Teikoku Piston Ring Co., Ltd. of Japan will own 49.9 percent of the company,
and a holding company -- comprised of Federal-Mogul and a Dereli family-owned
company -- will own 50.1 percent.
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It is anticipated that a new plant will be built to produce the cylinder
liners in Gebze, a free trade zone about 25 miles east of Istanbul, Turkey, by
mid-February 2004.
"The rings and liners group has made significant progress in becoming
globally connected to Teikoku and Japanese car makers such as Toyota, Honda
and Nissan," said Rainer Jueckstock, senior vice president, pistons, rings and
liners. The existing Federal-Mogul relationship with Teikoku includes joint
ventures that manufacture piston rings and cylinder liners in the United
States, Germany, India and China.
Federal-Mogul also has a long-standing relationship with the Dereli family
and currently has joint ventures in Turkey making pistons, rings, pins and
liners, as well as selling other engine parts such as bearings and gaskets.
"We are pleased to build on our strong relationship with Dereli and
Teikoku," Jueckstock said. "This new venture combines the synergies of
Teikoku, Federal-Mogul and Dereli and reinforces our presence with our Asian
customers, while leveraging technological expertise and low-cost production
opportunities."
Federal-Mogul is a global supplier of automotive components, sub-systems
and 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, Mich., Federal-Mogul was founded in Detroit in 1899 and today
employs more than 46,000 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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Related links:
http://www.federal-mogul.com
Company News On-Call:
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CONTACT:
Marie Remboulis of Federal-Mogul Corporation,
+1-248-354-9809
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