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.