Federal-Mogul Acquires DZV Bearings Company
Resource from: Thomson Reuters Likes:144
Dec 04,2013
Company Strengthens its Position in the Russian Automotive Market
Southfield, Mich., December 2, 2013.Federal-Mogul (FDML) today announced that its foreign subsidiary, Federal-Mogul Investments, B.V., entered into a definitive agreement to purchase the DZV Bearings Company, a privately held business located in Dimitrovgrad, Russia. The transaction is subject to customary closing conditions and approvals from regulatory authorities and is expected to close by year-end, or early in the first quarter of 2014. DZV is a respected manufacturer of engine bearings, bushings and thrust washers. It serves several leading Russian original equipment commercial vehicle and industrial engine manufacturers. DZV also supplies the commercial engine repair market. The company employs 375 associates.
"The acquisition of DZV will expand Federal-Mogul`s strong global position in the engine bearings market and provides an excellent growth platform to increase our presence in the commercial vehicle and industrial engine market in Russia, Central and Eastern Europe," said Richard Llope, senior vice president, Bearings for Federal-Mogul.
Federal-Mogul`s Powertrain unit today operates in Russia a plant in Naberezhnye Chelny producing pistons, piston rings and liners and a plant in Togliatti producing pistons.
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 original equipment and aftermarket 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.
About Federal-Mogul
Federal-Mogul Corporation (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® brake products.
Federal-Mogul was founded in Detroit in 1899. The company employs 44,500 people in 34 countries, and its worldwide headquarters is in Southfield, Michigan, United States. For more information, please visit www.federalmogul.com.
(Thomson Reuters)
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
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