(Thomson Reuters ONE via COMTEX) --Southfield, Michigan, December 1, 2015.Federal-Mogul Motorparts, a division of Federal-Mogul Holdings Corporation (NASDAQ: FDML), and China Automotive Import and Export Co. Ltd. (CAIEC), a nationwide state-owned 4S automotive distribution network, today announced the formation of a joint venture, Federal-Mogul CAIEC Automotive Technology Services (Beijing) Co., Ltd., focused on automotive aftermarket vehicle repair business within China. Federal-Mogul Motorparts will be the preferred supplier to the joint venture, providing its broad portfolio of premium-branded automotive parts for distribution through a network of company-owned stores and outlets to be established by the joint venture under the brand name, Motorcare(TM). Additional terms of the transaction were not disclosed.
Commenting on the joint venture, Dan Ninivaggi, CEO of Federal-Mogul Motorparts, said, "In a strategic expansion of our automotive aftermarket business in Asia Pacific, Federal-Mogul Motorparts is pleased to partner with CAIEC to build broader business channels and a platform for growth in China ensuring quality vehicle repair and technical experience from our more than 100-year history to independent service shops through the opening of an extensive network of Motorcare(TM) stores serving the independent aftermarket. We believe this market will be highly receptive to the safety, quality and reliability provided by Federal-Mogul Motorparts' premium-branded automotive parts."
Said Jianhong Yin, Vice President of SINOMACH, President and General Manager of CAIEC, "We look forward to partnering with Federal-Mogul Motorparts, a global manufacturer and distributor of world-recognized automotive parts, to build on CAIEC's established presence in China through Motorcare(TM). This joint venture combines the strong brands, resources and strategic channels of both companies and significantly strengthens our ability to meet the automotive parts needs of the China market where the number and age of vehicles on the road is increasing and the number of vehicles and models continues to proliferate."
"We look forward to a long and successful partnership with CAIEC as we grow the spirit of cooperation among our companies and firmly establish the Motorcare(TM) business throughout the strategically important China market," said Keith Power, President, Asia Pacific, Federal-Mogul Motorparts.
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 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 Powertrain designs and manufactures original equipment powertrain components and systems protection products for automotive, heavy-duty, industrial and transport applications.
Federal-Mogul was founded in Detroit in 1899 and maintains its worldwide headquarters in Southfield, Michigan. The company employs nearly 50,000 in 34 countries. For more information, please visit www.federalmogul.com.
China Automotive Import and Export Co. Ltd. (CAIEC), a subsidiary of SINOMACH (China National Machinery Industry Corporation), was founded in 1983. It is an international automobile trade company. Its headquarters is located in Beijing, with multiple subsidiaries and foreign trade organizations. The registration asset reaches RMB 200 million.
CAIEC specializes primarily in the domestic and foreign trade of automobiles and parts, as well as the export and import of mechanical and electrical equipment, textile products, agricultural byproducts, petroleum products, chemical materials and other products. In addition, the company undertakes the exhibition of domestic and foreign automobiles and parts, provides car lease services and automobile industrial technology consulting. CAIEC also undertakes domestic and foreign bidding projects and other businesses.
For 30 years, CAIEC has actively expanded its business and opened up a wide range of markets in Europe, North America, Asia, Africa and Latin America. In addition, it has established stable partnerships and cooperation with more than 70 countries and regions in the world. The company has maintained rapid growth for consecutive years, with annual business volume exceeding RMB 5 billion.
Susan Fisher (Federal-Mogul Motorparts) - 248.354.0926
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