US-based Federal-Mogul, a maker of car parts and industrial equipments, will take over a large share of Honeywell’s automotive and industrial brake friction business, including a local plant.
“This acquisition accelerates Federal-Mogul’s long-term strategy to strengthen its core product lines, including its global friction portfolio for both original equipment and aftermarket customers. We believe this transaction will generate significant synergies which will create substantial value for all stakeholders,” stated Carl C. Icahn, chairman of the board of Federal-Mogul.
Under the deal, Federal-Mogul has also taken over two recently established manufacturing facilities in China and Romania from Honeywell.
Kevin Freeland (in picture), CEO, Federal-Mogul vehicle components, said: “Honeywell’s recognized braking technology and its restructured manufacturing footprint make the acquisition a solid addition to our existing global friction business.”
Honeywell Friction Material busines is based in Germany and employs over 2,000 people globally.