USA: Federal-Mogul completes camshaft operations sale
Federal-Mogul Corporation has completed the sale of its United States camshaft operations to ASIMCO Camshaft Specialties, Inc., a company formed by ASIMCO International -- an automotive components manufacturing company based in Beijing, China -- and Key Principle Partners, a private investment firm based in Cleveland, Ohio.
Federal-Mogul received approximately $US28 million, including the sale price and retained accounts receivable of the operations.
The sale was completed following approval of the transaction by the US Bankruptcy Court in Wilmington, Delaware.
The sale includes operations at two locations in Grand Haven, Michigan, and one location in Orland, Indiana, which manufacture camshafts for passenger car and commercial vehicle applications. The operations sold have about 500 employees and had combined sales of approximately $80 million in 2001.