Federal-Mogul to sell bearings group to Dana
TOLEDO, Ohio — Federal-Mogul Corp. announced yesterday that it will sell its Glacier Vandervell Bearings Group and other engine hard parts assets to Dana Corp. for $430 million US.
Glacier Vandervell is the only producer of thin-wall bearings supplying all six major U.S.-based automotive OEMs. Its products are primarily used in passenger car and light-duty vehicle applications for both OEMs and the aftermarket. Glacier Vandervell’s 1998 sales are about $395 million.
Federal-Mogul acquired the company when it bought British auto-parts maker T&N plc earlier this year, but agreed to sell it in order to comply with federal anti-trust laws.
The transaction with Dana includes the AE Clevite North American non-bearing aftermarket engine hard parts business, which camshafts, valves, and other valvetrain, timing, and cylinder components sold primarily to production engine re-builders and engine specialists.
The acquisition will make Dana a leading supplier to the global thin-wall bearings market, said Dana chairman and CEO Southwood J. Morcott.
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