Federal-Mogul to Acquire 150 Million U.S. Dollars to Purchase Honeywell Friction Materials Business
January 7, 2014, Honeywell announced that it has signed a definitive agreement with Federal-Mogul Corporation, for $ 155 million of its friction materials business unit (FrictionMaterials) sold to the latter, the transaction is subject to regulatory The approval of the department is expected to be completed in the second half of this year. Headquartered in Glinde, Germany, the Honeywell Friction Materials business employs more than 2,000 people worldwide. The business unit mainly supplies disc brakes and brake system components to OEMs and aftermarkets. The types of models supplied include cars, light trucks, commercial vehicles, rail cars and other industrial facilities. "The acquisition will accelerate FMG's long-term strategy to consolidate its core product lines, including the global friction product portfolio for OEMs and aftermarket customers." Federal Capital Federal's Chairman Carl C. Icahn said: "We believe this transaction will take Brings significant synergies and creates significant value for stakeholders.†The transaction includes two new plants recently installed in China and Romania by Honeywell's Friction Materials Department. The company stated that it will continue to operate its friction material business as usual before the completion of the transaction. There is currently no adjustment of employees and production scale. plan.
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