Federal-Mogul Canadian Subsidiary Bought By Management

SOUTHFIELD, Mich., Oct. 8 -- A Canadian subsidiary of Federal-Mogul Corp. has sold its Tri-Way machine tool business in Windsor, Ontario, under terms of a management buyout. Specific terms of the sale, which was completed September 30, 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 B. Grant, Federal-Mogul vice president of corporate development and strategic planning. "We appreciate the efforts of the Tri-Way employees, and wish them well under the new ownership."

A separate Federal-Mogul machining facility in Windsor, which employs more than 60 people, is unaffected by the Tri-Way sale.

Headquartered in Southfield, Michigan, Federal-Mogul is an automotive parts manufacturer providing innovative solutions and systems to global customers in the automotive, small engine, heavy-duty and industrial markets. The company was founded in 1899. Visit the company's web site at http://www.federal-mogul.com for more information.