TRW sells engine valve business to Federal-Mogul
TRW has announced it has signed a definitive agreement to divest its engine valve business for US$385m in cash to Federal-Mogul.
The planned divestiture, with annual sales of approximately US$610m, is expected to close in the first quarter of 2015 subject to customary conditions, including regulatory, regional Supervisory Board and local works council approvals.
TRW said that "proceeds from the sale will be used for general corporate purposes".
"In addition to clarifying the company's product portfolio, the planned sale of the engine components business to Federal-Mogul will enable the company to concentrate on its growing active and passive safety technologies," said John C. Plant, Chairman and CEO of TRW Automotive.
With 2013 sales of US$610m, the TRW Engine Components business unit, headquartered in Barsinghausen, Germany, operates a global manufacturing and engineering footprint from 22 facilities in 12 countries and 5,400 employees worldwide.
With 2013 sales of US$17.4bn, TRW Automotive operates in 24 countries and employs approximately 65,000 people worldwide.