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Automotive Industry

Federal-Mogul completes sale of U.S. camshaft operations

Automotive Industries, May, 2003

Federal-Mogul Corp. has completed the sale of its U.S. camshaft operations to ASIMCO Camshaft Specialties Inc.--a company formed by ASIMCO International (an automotive components manufacturing company based in Beijing, China) and Key Principle Partners, a private investment firm based in Cleveland, Ohio. Federal-Mogul received total consideration of approximately $28 million, including the sale price and retained accounts receivable of the operations.

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The sale was completed following approval of the transaction by the U.S. Bankruptcy Court in Wilmington, Del. The sale includes operations at two locations in Grand Haven, Mich., and one location in Orland, Ind., which manufacture camshafts for passenger car and commercial vehicle applications. The operations sold have about 500 employees and had combined sales of approximately $80 million in 2001.

Automotive Industry

Federal-Mogul completes sale of U.S. camshaft operations

Automotive Industries, May, 2003

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