Federal-Mogul Motorparts Announces Strategic Expansion of Automotive Aftermarket Business in Asia Pacific through Joint Venture in Thailand
Resource from: Marketwatch Likes:256
Nov 30,2015
Southfield, Michigan, November 25, 2015.Federal-Mogul Motorparts, a division of Federal-Mogul Holdings Corporation FDML, +0.25% today announced that it has entered into a joint venture agreement with Loxley Public Company Limited under which Federal-Mogul Motorparts will own a majority stake in and have operational control of Parts Zone (Thailand) Co., Ltd., an established automotive parts distributor in Thailand. Additional terms were not disclosed.
The joint venture will be based in Bangkok. Parts Zone currently has four distribution outlets in Thailand (two in Bangkok; one in Chiang Mai in northern Thailand; and one in Surat Thani in southern Thailand). As part of the joint venture, this number of locations is expected to expand by up to a dozen additional distribution points.
Commenting on the joint venture, Dan Ninivaggi, CEO of Federal-Mogul Motorparts, said, "In a strategic expansion of our distribution footprint in Asia Pacific, Parts Zone will serve as a key platform for Motorparts' premium-branded products in Thailand and the greater Asian region. We see our expanded presence there as pivotal to our continued growth in the region, especially given the anticipated creation of the ASEAN Economic Community (AEC) by the end of 2015."
"Federal-Mogul Motorparts is delighted to partner with Loxley, a pre-eminent Thai public company with significant experience in the Southeast Asian market. We look forward to a long and successful partnership in growing the Parts Zone business," said Keith Power, President, Asia Pacific, Federal-Mogul Motorparts.
Said Suraphand Bhasitnirandr, Senior Executive Vice President, Loxley Public Company, "We look forward to partnering with Federal-Mogul Motorparts, a global manufacturer and distributor of premium branded automotive parts, to build on Parts Zone's established presence in Thailand. This joint venture strengthens our ability to meet the automotive parts needs of the Thai market which currently has vehicles in operation of 13.2 million."
About Federal-Mogul
Federal-Mogul Holdings Corporation FDML, +0.25% 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 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 Powertrain designs and manufactures original equipment powertrain components and systems protection products for automotive, heavy-duty, industrial and transport applications.
Federal-Mogul was founded in Detroit in 1899 and maintains its worldwide headquarters in Southfield, Michigan. The company employs nearly 50,000 in 34 countries. For more information, please visit www.federalmogul.com.
About Loxley Public Company Limited
Loxley Public Company Limited has operated its business in Thailand for over 75 years. It was founded in 1939 as an exporter of agricultural products, including rice and timbers, prior to its expansion into imports of products from Europe. Loxley was listed on the Stock Exchange of Thailand in 1993. Since that time, Loxley has expanded its business to include public utility infrastructure, telecommunications, energy, information technology and communications, as well as consumer products and services. Loxley Public Company has developed its own proprietary systems and products and also been a distributor of and joint venture partner involved in internationally recognized products and technologies. Loxley employs nearly 8,000 employees in six countries. For more information, please visit www.loxley.co.th
CONTACT:
Susan Fisher (Federal-Mogul Motorparts) -248.354.0926
susan.fisher@federalmogul.com
Emily Zhang (Federal-Mogul Motorparts) -86.21.31578101
emily.zhang@federalmogul.com
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
(Marketwatch)
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