The TRW engine valve business – a developer and supplier of engine valves for passenger car engines, heavy-duty engines and large-bore engines for industrial and marine applications – has annual global sales of US$610 million and employs 5,400 people in 12 countries.
"The TRW acquisition is a sign of our commitment to the long-term development of Federal-Mogul's Powertrain division in order to enable its growth and to create value for the company's customers and shareholders," said Carl Icahn, chairman of the board of Federal-Mogul Holdings Corporation.
Federal-Mogul's Powertrain division is a provider of powertrain components, designing and manufacturing products for automotive, heavy-duty, industrial and marine applications.
New product line
"We are very pleased to bring TRW's engine valve business into Federal-Mogul Powertrain as it will add a completely new product line to our portfolio, strengthen our market position as a leading developer and supplier of core components for engines, and enhance our ability to support our customers to improve fuel economy and reduce emissions," said Rainer Jueckstock, Co-CEO, Federal-Mogul Holdings Corporation and CEO, Powertrain.