Federal-Mogul Corporation’s Powertrain Segment (NASDAQ: FDML) today announced the divestiture of its Sintertech SAS
division to “TMC,” a closely held subsidiary controlled by Thierry Morin,
French Industrialist and former Chairman and Chief Executive Officer of Valéo
Corporation. Sintertech develops, produces and sells powdered metal
components for engines and gearboxes for vehicle applications and other
industrial equipment, as well powdered metal filtration elements mainly for
the chemical industry under the brand names Sintertech, Metafram,
Metagliss and Poral.
The transaction agreement was completed on March 8th, 2013.
“The Sintertech businesses are well-known in Europe for producing near net
shape powdered metal components for a wide variety of applications in various
industries, however these businesses are not core to Federal-Mogul
Powertrain’s long-term portfolio strategy,” said Rainer Jueckstock, Federal
Mogul’s co-CEO and CEO Federal-Mogul Powertrain. “The Sintertech businesses
will benefit from the industrial experience, customer contacts and focused
management expertise of Thierry Morin and his team. We will work with them to
ensure a smooth transition for customers and other stakeholders.”
The Sintertech business includes three manufacturing plants in France located
in Veurey-Voroize, Pont de Claix and Oloron with more than 400 employees.
