Federal-Mogul Powertrain Announces Completion of Piston Ring Joint Venture in Changsha, China
Resource from: Market Watch Likes:205
Jul 22,2015
Shanghai, CHINA, July 21, 2015 -- Federal-Mogul Powertrain, a division of Federal-Mogul Holdings Corporation FDML, -0.68% today announced the completion of the joint venture agreement for the operation of an industrial large-bore piston ring facility in Changsha, China. The facility, which became fully operational on June 26, 2015, positions Federal-Mogul Zhengsheng (Changsha) Piston Ring Co., Ltd. as a leader in the industrial piston ring market in China and the broader Asian market, providing piston rings for large-bore industrial engines in the commercial shipping, railway and power generation industries.
As a majority shareholder, Federal-Mogul Powertrain will provide global technology and manufacturing expertise as well as access to global customers, while JV partner and Zhengsheng founders Mr. Yan Chungeng and Mr. Yan will continue to maintain its strong customer relationships in the domestic Chinese market.
"The demanding emissions regulations in China are driving increased demand for fuel efficiency and emissions reduction in all industries," said Michael Hedderich, Senior Vice President, Rings and Liners and Valve Seats and Guides, Federal-Mogul Powertrain. "In response to this trend, Federal-Mogul Powertrain has invested heavily in the large-bore piston ring business in Changsha, which will bring significant new opportunities for the company in the Chinese market."
The joint venture will operate in a new 25,000 sq meter facility located in Changsha Economic and Technological Development Zone, and take on existing operations of Changsha Zhengsheng Piston Ring Co., Ltd. With more than 70 years operating in China, Changsha Zhengsheng is a top supplier of industrial piston rings for Chinese shipping and railway engine manufacturers, serving many domestic OEMs there.
"In addition to the production of Zhengsheng piston rings, we will integrate a production line for the manufacture of Federal-Mogul's Goetze(R) four-stroke industrial piston rings, designed specifically for industrial customers who are seeking solutions to reduce emissions and improve fuel economy, " said Peter Liu, General Manager of Federal-Mogul Zhengsheng (Changsha) Piston Ring Co., Ltd.
Currently, Federal-Mogul Zhengsheng (Changsha) Piston Ring Co., Ltd. boasts an annual capacity of 2.5 million four-stroke industrial piston rings, making it a leading supplier of industrial piston rings in commercial shipping and railways throughout China. It is expected that the workforce of the company will reach 200 by the end of 2015.
Federal-Mogul established its first manufacturing operation in China in 1995. With globally networked engineering and localized production capabilities, Federal-Mogul Powertrain has established itself as a leader in the Chinese automotive market, providing sustainable, high-performance engine components for its customers there. Today, Federal-Mogul Powertrain operates 13 wholly-owned or joint venture companies in nine locations. Federal-Mogul Powertrain's Shanghai-based Asia Pacific Technical Center is one of the company's globally networked engineering and technical centers, providing leading edge technologies and services to domestic and foreign transportation manufacturers throughout Asia.
About Federal-Mogul
Federal-Mogul Holdings Corporation FDML, -0.68% 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 divisions, each with a chief executive officer reporting to Federal-Mogul's Board of Directors.
Federal-Mogul Powertrain designs and manufactures original equipment powertrain components and systems protection products for automotive, heavy-duty, industrial and transport applications.
Federal-Mogul Motorparts 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(R) wiper blades; Champion(R) spark plugs, wipers and filters; AE(R), Fel-Pro(R), FP Diesel(R), Goetze(R), Glyco(R), Nural(R), Payen(R) and Sealed Power(R) engine products; MOOG(R) steering and suspension parts; and Ferodo(R), Jurid(R) and Wagner(R) brake products.
Federal-Mogul was founded in Detroit in 1899 and maintains its worldwide headquarters in Southfield, Michigan. The company employs nearly 50,000 people in 34 countries. For more information, please visit www.federalmogul.com.
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Contact:
Colleen Hanley
Federal-Mogul Powertrain
+1 (248) 354-3045
Email: colleen.hanley@federalmogul.com
(Market Watch)
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