Federal-Mogul Signs Purchase Agreement for Portion of Honeywell Friction Business
Jan. 7, 2014—Federal-Mogul announced on Tuesday its purchase of a significant portion of Honeywell, expanding its global reach in the business of brake friction materials.
The company’s European subsidiaries entered a “definitive” purchase agreement to acquire industrial brake friction businesses, including two manufacturing facilities in China and Romania.
The purchase is subject to customary approvals from regulatory authorities and stakeholders. According to a press release_notes, the businesses will close the deal during the second half of 2014.
"This acquisition accelerates Federal-Mogul's long-term strategy to strengthen its core product lines, including its global friction portfolio for both original equipment and aftermarket customers,” said Carl C. Icahn, chairman of the board of Federal-Mogul. “We believe this transaction will generate significant synergies which will create substantial value for all stakeholders."