Federal-Mogul Powertrain, a division of Federal-Mogul Holdings Corporation, today announced that it has closed on material portions of the previously announced acquisition of TRW's engine valve business. The acquired business, headquartered in Barsinghausen, Germany, employs nearly 4,000 people globally.
The closing did not include the sale of TRW's joint ventures involved in the business with the exception of a joint venture in Venezuela.
"With more than a century of market leadership and innovation, TRW's engine components business will be an excellent complement to Federal Mogul's growing powertrain business," said John C. Plant, Chairman and CEO of TRW Automotive. "The sale is also evidence of TRW's commitment and focus to its safety portfolio as the company continues to invest in engineering development and its global manufacturing footprint for both active and passive safety systems."
"We are extremely excited about this strategic acquisition, as it adds a completely new product line that is very complementary to Federal-Mogul Powertrain's portfolio. This engine valve business enables us to provide more value to our customers who look to us to help them improve fuel economy, reduce emissions and enhance vehicle performance on a global basis," said Rainer Jueckstock, CEO, Federal-Mogul Powertrain and Co-CEO, Federal-Mogul Holdings Corp.
Federal-Mogul's Powertrain division is a leading provider of powertrain components, designing and manufacturing products for automotive, heavy-duty, industrial and marine applications. The company's products and services enable improved fuel economy, reduced emissions and enhanced vehicle performance.
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