Federal-Mogul Corporation has completed three divestitures of its operations with facilities in the US, Europe and Japan.
In total, the divested operations accounted for approximately $35 million inannual sales. Terms were not disclosed.
Federal-Mogul sold the aftermarket operations of Blazer Lighting Products to Clean-Rite Products LLC, an automotive aftermarket supplier based in Buffalo Grove, Illinois. Blazer’s aftermarket lighting sales were approximately $22 million in 2000.
Blazer’s exterior vehicle lighting product lines, which consist primarily of fog and projector lamps, accounted for nearly 90% of its annual sales. Blazer also distributes interior lighting products, replacement bulbs and non-lighting accessories, such as horns.
No Federal-Mogul manufacturing operations were divested as part of thetransaction, as the Blazer line is primarily sourced from other manufacturers. Federal-Mogul will continue its manufacturing and sales support of Blazer Lighting Products for original equipment customers.
Federal-Mogul also will continue to manufacture and provide lighting products to OE and aftermarket customers under the Wagner, Signal-Stat and Rossi brand names, and to OE customers under the Zanxx brand.
The second divestiture was the sale of its Pontotoc, Mississippi, operation to Union Spring and Manufacturing, based in Pittsburgh, Pennsylvania. The leased plant and manufacturing operation, which has about 70 employees, will continue to supply coil springs and metal stampings to Federal-Mogul for sale to automotive aftermarket customers under a long-term supply agreement.
Federal-Mogul also restructured its equity positions in several large and industrial bearing manufacturing joint ventures with its partner, Daido Metal Company Ltd. of Japan. The restructuring transactions included the transfer of controlling interest in manufacturing facilities in Ilminster, United Kingdom, and Nagoya, Japan.
The facilities have about 150 employees and contributed approximately $13 million toward Federal-Mogul’s consolidated sales in 2000.