Federal-Mogul Sells Camshaft Plant in Jackson, Michigan, To Camshaft Machine Company

SOUTHFIELD, Mich., July 5 Federal-Mogul Corporation has completed the sale of its automotive camshaft manufacturing plant in Jackson, Michigan, to Camshaft Machine Company, a new company formed by the facility's current management. Terms were not disclosed.

Federal-Mogul also has entered into a three-year supply agreement with Camshaft Machine Company, under which Federal-Mogul will continue to distribute aftermarket camshafts produced at the Jackson facility through its extensive distribution network.

The Jackson plant has about 70 employees and produces machined cast iron and steel camshafts, primarily for the automotive aftermarket. In 2001, the Jackson facility's net sales were approximately $9 million.

"We are pleased to have a buyer who knows the business and is committed to its future success and growth," said Chip McClure, president and chief operating officer, Federal-Mogul.