The $23 million deal must be approved by the U.S. Bankruptcy Court. Last October, Federal-Mogul filed for financial restructuring under Chapter 11 of the U.S. bankruptcy code, "to separate its asbestos liabilities from its true operating potential."
Signal-Stat Lighting Products produces exterior lighting and power distribution products principally for heavy duty and commercial vehicle markets serving both original equipment and aftermarket customers. Signal-Stat sales were approximately $54 million in 2001.
Signal-Stat's exterior product lines, which include clearance and marker lamps, signal lamps, back-up lamps and alarms and emergency lighting, accounted for approximately 70% of annual sales. Power distribution products include such items as turn signal switches, daytime running lamps, lamp plugs and flashers.
No Federal-Mogul manufacturing facilities are included in the sale as the business occupies portions of five different locations. Those locations are: Logansport, Indiana; El Paso and Brownsville, Texas; and Juarez and Matamoros, Mexico. Federal-Mogul locations in Sparta, Tennessee and Boyertown, Pennsylvania will continue to supply certain products to Signal-Stat under a supply agreement with Truck-Lite.
Headquartered in Southfield, Michigan, Federal-Mogul is an automotive parts manufacturer serving customers in the automotive, small engine, heavy-duty and industrial markets.