(Thomson Reuters ONE via COMTEX) --New facility will produce wear-resistant valve seats and guides that enable emissions reduction and improve fuel efficiency
Shanghai, CHINA, October 29, 2015 -- Federal-Mogul Powertrain, a division of Federal-Mogul Holdings Corporation (NASDAQ:FDML) today announced the opening of a new joint venture manufacturing facility that will produce valve seats and guides in Anqing, China. The new facility enables the company to further expand its production footprint in China in order to support domestic engine manufacturers with products that provide improved fuel efficiency and enable reduced emissions. Federal-Mogul Powertrain will hold the majority share in the new joint venture; Federal-Mogul (Anqing) Powder Metallurgy Co., Ltd.
"Federal-Mogul Powertrain develops and delivers innovative technologies that meet specific regulatory and market requirements, helping our customers to improve fuel economy, reduce emissions and enhance vehicle performance," said Olaf Weidlich, General Manager, Valve Seats and Guides, Federal-Mogul Powertrain. "China is one of our key markets, and our expanded valve seat and guide footprint here will further strengthen our capability to serve global customers, as well as regional Asian customers."
The new 10,000 square meter facility is located in the 3.9km2 industrial park at the Anqing Development Zone in Anhui with a total land area of 17,000 square meters. The investment supports the production of state-of-the-art valve seats and guides that deliver superior wear-resistance for turbocharged/non-turbocharged gasoline engines, heavy-duty/industrial engines with/without exhaust gas recirculation (EGR), as well as other complex engine applications.
"The Anqing joint venture facility will manufacture a range of global-leading Federal-Mogul Powertrain patented powder metal technologies. Building on extensive technical experience in developing products and processes, the new operation provides solutions for the evolving needs of our customers," said Steven Krause, Director of Operations, East Asia, Federal-Mogul Powertrain. "We are pleased to have worked closely with the Anqing municipal government and our joint venture partner Anhui Huanxin Group on this project and look forward to being the supplier of choice in the region."
In the past year, Federal-Mogul Powertrain has expanded its footprint in China with an expanded sealing facility in Nanchang and a new piston ring manufacturing facility in Changsha.
Federal-Mogul established its first manufacturing operation in China in 1995. With globally networked engineering and localized production capabilities, Federal-Mogul Powertrain has established itself as a leader in the Chinese automotive market, providing sustainable, high-performance engine components for its customers there. Today, Federal-Mogul Powertrain operates 13 wholly-owned or joint venture companies in nine locations. Federal-Mogul Powertrain's Shanghai-based Asia Pacific Technical Center is one of the company's globally networked engineering and technical centers, providing leading edge technologies and services to domestic and foreign transportation manufacturers throughout Asia.
Statements contained in this press release, which are not historical fact, constitute "Forward-Looking Statements." Actual results may differ materially due to numerous important factors that are described in Federal-Mogul's most recent report to the SEC on Form 10-K, which may be revised or supplemented in subsequent reports to the SEC on Forms 10-Q and 8-K. Such factors include, but are not limited to, our intent to create an independent company following the spin-off, revenue and growth expectation for the independent company or the company following the spin-off, the expectation that the spin-off will be tax free, statements regarding the leadership, resources, potential, priorities, and opportunities for the independent company and the company following a spin-off, failure to obtain regulatory approval for the spin-off or to satisfy any of the other conditions to the proposed spin-off, adverse effect on the market price of our common stock and on our operating results because of a failure to complete the proposed spin-off, negative effects of announcement or consummation of the proposed spin-off on the market price of the company's common stock, significant transaction costs and/or unknown liabilities, general economic and business conditions that affect the companies in connection with the proposed spin-off, unanticipated litigation or legal settlement expenses, changes in capital market conditions that may affect financing, the impact of the proposed spin-off on the companies' employees, customers and suppliers, future opportunities that the company's board may determine present greater potential to increase shareholder value, the ability of the companies to operate independently following the spin-off, the company's ability to successfully integrate and achieve the anticipated synergies from recent acquisitions, fluctuations in domestic or foreign vehicle production, fluctuations in the demand for vehicles containing our products, the company's ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually or competitively required price reductions or price reductions to obtain new business, conditions in the automotive industry, the success of the company's original equipment and aftermarket segmentation and corresponding effects and general global and regional economic conditions. Federal-Mogul does not intend or assume any obligation to update any forward-looking statements.
Federal-Mogul Holdings Corporation (NASDAQ: FDML) is a leading global supplier of products and services to the world's manufacturers and servicers of vehicles and equipment in the automotive, light, medium and heavy-duty commercial, marine, rail, aerospace, power generation and industrial markets. The company's products and services enable improved fuel economy, reduced emissions and enhanced vehicle safety.
Federal-Mogul operates two independent business divisions, each with a chief executive officer reporting to Federal-Mogul's Board of Directors.
Federal-Mogul Powertrain designs and manufactures original equipment powertrain components and systems protection products for automotive, heavy-duty, industrial and transport applications.
Federal-Mogul Motorparts sells and distributes a broad portfolio of products through more than 20 of the world's most recognized brands in the global vehicle aftermarket, while also serving original equipment vehicle manufacturers with products including braking, chassis, wipers and other vehicle components. The company's aftermarket brands include ANCO® wiper blades; Champion® spark plugs, wipers and filters; AE®, Fel-Pro®, FP Diesel®, Goetze®, Glyco®, Nüral®, Payen® and Sealed Power® engine products; MOOG® steering and suspension parts; and Ferodo®, Jurid® and Wagner® brake products.
Federal-Mogul was founded in Detroit in 1899 and maintains its worldwide headquarters in Southfield, Michigan. The company employs nearly 50,000 people in 34 countries. For more information, please visit www.federalmogul.com.
Phone: +86 21 6182 7515
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Federal-Mogul Corporation via Globenewswire