Federal-Mogul sells Tri-Way
SOUTHFIELD, Mich. (Oct. 9, 2001) — Federal-Mogul Corp. has sold its Tri-Way machine tool business in Windsor, Ont., to a group of company managers. Financial terms were not disclosed.
Established in 1977, the facility has approximately 100 employees and houses machine tool operations associated with the production of connecting rods and cylinder heads for the transportation industry. The 180,000-square-foot manufacturing operation has annual sales of approximately $20 million.
The new owners plan to continue operating the facility under the name Tri-Way Manufacturing Technologies Corp.
“This agreement will allow the new owners of Tri-Way to focus their energy and resources on achieving success in a market that is not core to Federal-Mogul’s future strategic direction,” said Charles Grant, Federal-Mogul vice-president of corporate development and strategic planning.
Federal-Mogul, a major supplier of components to the automotive industry, declared bankruptcy last week as it tries to restucture its operations.
A separate Federal-Mogul machining plant in Windsor, which employs more than 60 people, is unaffected by the Tri-Way sale.
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