Federal-Mogul Sells Its Sintertech SAS Division
SOUTHFIELD, Mich. (AP) â¿¿ Auto parts supplier Federal-Mogul Corp. said Monday that it sold its Sintertech SAS division to TMC, a company controlled by French industrialist Thierry Morin, for an undisclosed amount. Â
Sintertech develops, produces and sells powdered metal components for engines and gearboxes for use in vehicles and other industrial equipment, along with powdered metal filtration materials mainly used in the chemical industry, Federal-Mogul said.
Federal-Mogul said that while Sintertech is well known in Europe, it doesn't consider the business to be one of its core operations.
Last month Federal-Mogul said it would make additional restructuring moves, including the closing or downsizing of manufacturing plants in Western Europe, in order to offset continued weak European demand.The deal closed on Friday. The business includes three manufacturing plants in France with more than 400 employees, Federal-Mogul said. Shares of Southfield, Mich.-based Federal-Mogul lost 10 cents to $6.39 in midday trading.
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