Federal-Mogul Corporation’s Powertrain Segment (NASDAQ: FDML) today announced the divestiture of its Sintertech SAS division to “TMC,” a closely held subsidiary controlled by Thierry Morin, French Industrialist and former Chairman and Chief Executive Officer of Valeo Corporation. Sintertech develops, produces and sells powdered metal components for engines and gearboxes for vehicle applications and other industrial equipment, as well powdered metal filtration elements mainly for the chemical industry under the brand names Sintertech, Metafram®, Metagliss® and Poral®.
The transaction agreement was completed on March 8th, 2013. Details of the transaction were not disclosed. “The Sintertech businesses are well-known in Europe for producing near net shape powdered metal components for a wide variety of applications in various industries, however these businesses are not core to Federal-Mogul Powertrain’s long-term portfolio strategy,” said Rainer Jueckstock, Federal Mogul’s co-CEO and CEO Federal-Mogul Powertrain. “The Sintertech businesses will benefit from the industrial experience, customer contacts and focused management expertise of Thierry Morin and his team. We will work with them to ensure a smooth transition for customers and other stakeholders.”
The Sintertech business includes three manufacturing plants in France located in Veurey-Voroize, Pont de Claix and Oloron with more than 400 employees.
