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Federal-Mogul Selling Sintertech SAS

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Industrial manufacturer Federal-Mogul (NASDAQ: FDML  ) is selling its Sintertech SAS division to the TMC company controlled by French industrialist Thierry Morin. Federal-Mogul confirmed the sale -- without revealing any financial details of the sale, such as the purchase price or closing date -- in a press release issued Monday.

Sintertech sells branded powdered metal components for engines and gearboxes, as well as powdered metal filtration elements primarily used in the chemical industry. Federal-Mogul explained the divestiture by calling Sintertech "not core to Federal-Mogul Powertrain's long-term portfolio strategy."

Federal-Mogul shares declined 3.2% following the announcement, closing at $6.28.

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9/26/2016 3:04 PM
FDML $9.53 Down -0.27 -2.76%
Federal-Mogul CAPS Rating: **