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Federal-Mogul to Buy Part of Honeywell Friction Business

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Federal-Mogul Corp. this morning announced that its European subsidiary has agreed to acquire certain assets of the Honeywell automotive and industrial brake friction business, including two recently established plants in China and Romania.

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Honeywell Friction Material, headquartered in Glinde, Germany, employs more than 2,000 people globally.

The transaction is subject to customary approvals from regulatory authorities and other stakeholders where required. The parties anticipate closing the transaction 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. We believe this transaction will generate significant synergies, which will create substantial value for all stakeholders,” stated Carl Icahn, chairman of Federal-Mogul.
 
“Honeywell’s recognized braking technology and its restructured manufacturing footprint make the acquisition a solid addition to our existing global friction business,” added Kevin Freeland, CEO of Federal-Mogul Vehicle Components. “We expect to combine the Federal-Mogul and Honeywell brake businesses to realize significant synergies in all elements of the business. Our customers in all segments and regions will benefit from the transaction as we will be able to provide them with the best of both companies.”

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