Federal-Mogul Keeping Lighting, Wiper, Fuel Businesses
February 17, 2000
Federal-Mogul says it has decided not to sell its lighting, wiper blade and fuel businesses. The three represent some $700 million in annual sales and has previously been tagged for divestiture.
"After exploring the possible sale with numerous strategic parties, we have concluded that retaining these businesses is in the best interest of Federal-Mogul's shareholders," said Dick Snell, chairman and chief executive officer.
Snell added that although the company was "not able to realize full value of these investments" under current market conditions, the operations are significant contributors to Federal-Mogul's earnings and economic value.