Federal-Mogul Signs Purchase Agreement for Portion of Honeywell Friction Business

Jan. 7, 2014

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." 

Sponsored Recommendations

View insights, research and solutions curated specifically for shops like yours.
Our dedicated Valvoline Trusted Advisor Sales and Support Team provides hands-on classroom and targeted in-store coaching to help your employees become more skilled at selling...
Increase Sales and Customer Traffic To Your Store(s).
Reinvigorate your team and business success behind Valvoline's proven strategy that helps separate your business from competitors and create meaningful growth in sales and customer...