Printer Friendly

FEDERAL-MOGUL COMPLETES THE SALE OF ITS WESTWIND AIR BEARINGS SUBSIDIARY

 SOUTHFIELD, Mich., May 27 /PRNewswire/ -- Federal-Mogul Corporation (NYSE: FMO) today completed the previously announced sale of the assets of its subsidiary, Federal-Mogul Westwind Air Bearings Limited in England, and affiliated operations in the United States and Japan.
 In connection with the sale, Federal-Mogul received approximately $17 million in cash and a continuing 20-percent equity position in the new Westwind operating group. Westwind's management and funds managed by Kleinwort Benson Development Capital Ltd. (KBDC) will own 80 percent of a newly formed operating company which will run the air bearing spindle business.
 Westwind, headquartered in Poole, England, is the leading producer of air bearing spindles in the world. It reported 1992 sales of approximately $15 million and employs about 200 people at its plant in Poole and sales and service offices in the United States and Japan. KBDC is part of Kleinwort Benson Group, an integrated investment merchant banking group based in London.
 Headquartered in Southfield, Federal-Mogul is a global distributor and manufacturer of a broad range of precision parts primarily for automobiles, light trucks, heavy trucks, and farm and construction vehicles. The company serves both the aftermarket and the original equipment market providing quality products -- as they are needed -- to customers around the world. Federal-Mogul operates 33 plants, more than 70 distribution centers and four major research centers worldwide.
 -0- 5/27/93
 /CONTACT: Lonnie Ross of Federal-Mogul Corporation, 313-354-9934/
 (FMO)


CO: Federal-Mogul Corporation; Federal-Mogul Westwind Air Bearings Ltd. ST: Michigan IN: AUT SU:

JG -- DE011 -- 2827 05/27/93 09:50 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 27, 1993
Words:253
Previous Article:ROCKWELL OPENS TECHNICAL CENTER IN NAGOYA
Next Article:MPSC RE-AFFIRMS CONSUMERS POWER COMPANY'S MCV ORDER


Related Articles
FEDERAL-MOGUL TO SELL ITS WESTWIND AIR BEARING BUSINESS
FEDERAL-MOGUL EARNINGS MORE THAN DOUBLE FOR THE SECOND QUARTER
FEDERAL-MOGUL EARNINGS PER SHARE RISE 160 PERCENT
FEDERAL-MOGUL'S 1993 EARNINGS FROM OPERATIONS TRIPLE OVER 1992
FEDERAL-MOGUL ANNOUNCES RECORD THIRD QUARTER EARNINGS AND SALES
FEDERAL-MOGUL COMPLETES SALE OF ITS WESTWIND AIR BEARINGS LTD. BUSINESS
FEDERAL-MOGUL TO SELL NON-STRATEGIC ASSETS AND TAKE PRODUCTIVITY ACTIONS; FOURTH QUARTER EARNINGS TO INCLUDE AN AFTER-TAX SPECIAL CHARGE OF...
Federal-Mogul Enters Into Agreement To Sell Its U.S. Ball Bearing Manufacturing Operations
Federal-Mogul Completes Sale of its U.S. Ball Bearing Manufacturing Operations
Federal-Mogul Enters into Agreement to Sell Its Overseas Heavy Wall Bearing Operations

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters