Federal-Mogul Holdings Corporation (NASDAQ: FDML), Southfield, Michigan, USA, has announced that its Powertrain division has entered into a definitive purchase agreement to acquire TRW’s engine valve business.
The TRW engine valve business is a leading developer and supplier of engine valves for passenger car engines, heavy-duty engines and large-bore engines for industrial and marine applications. The business has annual global sales of $610 million and employs 5,400 people in 12 countries. The transaction is subject to regulatory and other approvals and is expected to close in the first quarter of 2015.
“The TRW acquisition is a sign of our commitment to the long-term development of Federal-Mogul’s Powertrain division in order to enable its growth and to create value for the company’s customers and shareholders,” stated Carl Icahn, Chairman of the Board of Federal-Mogul Holdings Corporation.
“We are very pleased to bring TRW’s engine valve business into Federal-Mogul Powertrain as it will add a completely new product line to our portfolio, strengthen our market position as a leading developer and supplier of core components for engines, and enhance our ability to support our customers to improve fuel economy and reduce emissions,” stated Rainer Jueckstock, Co-CEO, Federal-Mogul Holdings Corporation and CEO, Powertrain.