News of April 25, 1999
will lead you to the full article)
Page 5 of 5
Completes Sale of South African Heat Transfer Business
|Southfield, Mich., 21 April 1999 - Federal-Mogul Corporation's
(NYSE: FMO) Chairman and Chief Executive Officer Dick Snell announced today the sale of
the company's South African heat transfer business to Behr GMBH & Co., DM 3 billion
German manufacturer of engine cooling systems and air conditioning products headquartered
in Stuttgart, Germany. The Federal-Mogul heat transfer business manufactures automotive
heating and cooling systems and components for South Africa and certain export markets.
heat transfer business had sales in 1998 of approximately $56 million, manufactures in
four South African locations and employs approximately 1,200 people. Terms of the
acquisition were not disclosed.
Dick Snell, Chairman and Chief Executive Officer Federal-Mogul
|"The heat transfer operation is a very good
business that strategically fits better with a global manufacturer of such systems like
Behr," said Snell. "The sale allows us to focus on the core products of gaskets,
pistons and bearings in South Africa as an integral part of our global strategy. It also
provides the funding for our December 1998 purchase of the 49% minority holding in our
South African group, which going forward will have annual sales of approximately $100
Headquartered in Southfield, Michigan, Federal-Mogul is an automotive
parts manufacturer providing innovative solutions and systems to global customers in the
automotive, light truck, heavy-duty, and farm and industrial markets. The company was
founded in 1899.
Lemmerz International Completes Acquisition of Metaalindustrie Bergen B.V., a World Class
Machining Supplier in The Netherlands
|ROMULUS, Mich., 23 April 1999 - Hayes Lemmerz International,
Inc. (NYSE: HAZ), the world's largest supplier of wheels as well as brake and suspension
components to the transportation industry, today announced that its subsidiary
Metaalgieterij Giesen B.V. (MGG) has successfully completed the acquisition of
Metaalindustrie Bergen B.V. (MIB). Terms of the transaction were not disclosed.
acquisition is expected to expand Hayes Lemmerz's machining capacity in Europe and to
enable MGG to grow its business in finished aluminum cast products for the automotive,
heavy truck and heating industries. MIB is a full service machining supplier, specializing
in the machining of large aluminum castings for a variety of automotive and industrial
applications and is located in Bergen, Netherlands. MIB has 24 state-of-the- art machining
centers at its 40,000-square-foot manufacturing facility and has approximately 100
"This is an important strategic step for MGG," said Harrie Giesen, Managing
Director of MGG in making the announcement. "With the acquisition of MIB, we now have
expanded in-house manufacturing capability and capacity to provide our customers finished
machined castings." This world class operation provides a strong base for expansion
as we grow MGG sales, as well as sales of other Hayes Lemmerz aluminum products in
Hayes Lemmerz International, Inc., with the completion of its acquisition of CMI
International, is one of the world's leading global suppliers of automotive and commercial
highway wheels, brakes, suspension, structural and other light weight components.
Together, the company has pro forma sales of close to $2.5 billion with 40 plants, 10
joint ventures and over 15,000 employees worldwide.
Copyright Automotive Intelligence, www.autointell.com
All Rights Reserved .
For questions please contact
[ News] [ Companies] [ Management] [ Publications] [ Events] [ Careers]
[Services] [Discussion] [ Guestbook] [ Search]