Key Developments For Federal-Mogul Corporation
Federal-Mogul Corporation (FDML.O) (Consolidated Issue listed on NASDAQ Global Market)
KAMAZ OAO And Federal-Mogul Corporation Establish Federal Mogul Naberezhnye Chelny Plant-Interfax
Interfax reported that KAMAZ OAO and Federal-Mogul Corporation have established the joint Russian-American plant Federal Mogul Naberezhnye Chelny. The plant has been established to produce engine details. The unit's full capacity is expected to be reached in 2011. Further details were not disclosed.
Federal-Mogul Corporation Considering Delphi Corp. Bid-Reuters
Reuters reported that Federal-Mogul Corporation is readying a renewed bid for the assets of Delphi Corp. after breaking off talks with Delphi Corp. in late May. Federal-Mogul had discussions about buying all or part of Delphi before the supplier agreed to sell most of its global operations to private equity firm Platinum Equity. But Federal-Mogul is considering a second run at Delphi after U.S. Bankruptcy Judge Robert Drain ordered Delphi to allow other bids that could compete with Platinum's offer.
Federal-Mogul Corporation's Liquid Elastomer Molding Offers Solution In Fuel Cell Development
Federal-Mogul Corporation announced that it has developed a gasket technology to assist in fuel cell development for energy-efficient vehicles. Federal-Mogul's patented Liquid Elastomer Molding (LEM) gaskets are constructed with small engineered elastomeric beads molded onto thin carriers that provide sealing performance while significantly reducing the size and weight of each fuel cell stack.
Federal-Mogul Corporation Announces Restructuring Actions
Federal-Mogul Corporation announced that it it has recorded $38 million of restructuring expenses in the quarter as part of comprehensive restructuring plans announced in the second half of 2008. The Company recently announced the closure of its Summerton, South Carolina and Dumas, Arkansas facilities and completed numerous actions throughout its global network resulting in the reduction of more than 2,500 operational and staff positions during the quarter. The Company's global employment of about 40,000, at the end of Q1 2009, is 20% lower than the same period of 2008. Further, Federal-Mogul is in consultation with several of its trade unions and other social partners as it prepares to implement other planned restructuring actions.
Federal-Mogul Corporation Lays Off 103 At Wis Piston Ring Plant-DJ
Dow Jones reported that according to The Herald Times, Federal-Mogul Corporation has laid off 103 people, or about 16% of its workforce, at its Manitowoc, Wis., diesel piston ring plant.
