Federal-Mogul Plans To Sell Some Businesses
September 29, 1999
Federal-Mogul Corp. has announced plans to sell its lighting, wiper blade and fuel businesses.
With sales of approximately $700 million, these operations manufacture and distribute Wagner, Blazer, Zanxx and Signal-Stat lighting products, Anco wiper blades and Carter fuel system components. The businesses employ approximately 5,400 people at 14 manufacturing facilities.
"These businesses are known for their quality people, products and services, but we are strengthening Federal-Mogul's continued focus on our powertrain, sealing and brake system offerings," said Dick Snell, chairman and chief executive officer.
Federal-Mogul has retained investment banking services to assist in the transaction.