Federal-Mogul Holdings Corporation Wednesday announced that its Powertrain division has entered into a definitive purchase agreement to acquire TRW’s engine valve business.
The transaction is subject to regulatory and other approvals, and is expected to close in the first quarter of 2015.
“The TRW acquisition is a sign of our commitment to the long-term development of Federal-Mogul’s Powertrain division in order to enable its growth and to create value for the company’s customers and shareholders,” says Carl Icahn, Chairman of the Board of Federal-Mogul Holdings Corporation.
“We are very pleased to bring TRW’s engine valve business into Federal-Mogul Powertrain as it will add a completely new product line to our portfolio, strengthen our market position as a leading developer and supplier of core components for engines, and enhance our ability to support our customers to improve fuel economy and reduce emissions,” says Rainer Jueckstock, Co-CEO, Federal-Mogul Holdings Corporation and CEO, Powertrain.
Federal-Mogul’s says the acquisition expands the company’s core powertrain business.