Creates Platform to Drive Growth of Premium Brands
Southfield, Mich., May 22, 2014.Federal-Mogul Holdings Corporation (NASDAQ: FDML) today announced the next step in its ongoing strategy to drive the global growth of its premium products and leading brands. Effective immediately, the company's Vehicle Components division will be renamed Federal-Mogul Motorparts.
Federal-Mogul Motorparts is a leading provider of premium brands, including MOOG®, Fel-Pro®, Champion®, Wagner®, ANCO® and Ferodo® to the global aftermarket. Federal-Mogul Motorparts also provides high-quality vehicle braking, chassis and wiper components to global original equipment manufacturers.
"For more than a century, we have remained focused on providing the highest quality components across each of the product categories and regions we serve. Vehicle manufacturers recognize this, as our friction products are found on seven of the top 10 vehicle models in Europe, and the best-selling vehicle in North America," said Daniel Ninivaggi, CEO of Federal-Mogul Motorparts, and Co-CEO of Federal-Mogul Holdings Corporation.
"Our aftermarket products are designed and engineered around the principle that vehicle safety and product performance matter most. Federal-Mogul's premium brands are synonymous with quality, which will continue to be the way we differentiate our products from others available in the market. Notwithstanding recent trends in some aftermarket categories, our unrelenting focus going forward will be to support our premium products and clearly communicate their advantages to our channel partners, professional service technicians and consumers," Ninivaggi said.
Federal-Mogul Motorparts manufactures vehicle braking, chassis, sealing and other service components, and also benefits from the engine expertise of the Federal-Mogul Powertrain division.
The new Federal-Mogul Motorparts name and logo will be rolled out globally effective immediately, leading into new marketing campaigns for its product brands. Forward-Looking Statements Statements contained in this press release, which are not historical fact, constitute "Forward-Looking Statements." Actual results may differ materially due to numerous important factors that are described in Federal-Mogul's most recent report to the SEC on Form 10-K, which may be revised or supplemented in subsequent reports to the SEC on Forms 10-Q and 8-K. Such factors include, among others, fluctuations in domestic or foreign vehicle production, fluctuations in the demand for vehicles containing our products, the Company's ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually or competitively required price reductions or price reductions to obtain new business, conditions in the automotive industry, the success of the company's segmentation and corresponding effects and general global and regional economic conditions. Federal-Mogul does not intend or assume any obligation to update any forward-looking statements.
About Federal-Mogul Federal-Mogul Holdings Corporation (NASDAQ: FDML) is a leading global supplier of products and services to the world's manufacturers and servicers of vehicles and equipment in the automotive, light, medium and heavy-duty commercial, marine, rail, aerospace, power generation and industrial markets. The company's products and services enable improved fuel economy, reduced emissions and enhanced vehicle safety.
Federal-Mogul operates two independent business divisions, each with a chief executive officer reporting to Federal-Mogul's Board of Directors.
Federal-Mogul Motorparts sells and distributes a broad portfolio of products through more than 20 of the world's most recognized brands in the global vehicle aftermarket, while also serving original equipment vehicle manufacturers with products including braking, chassis, wipers and other vehicle components. The company's aftermarket brands include ANCO® wiper blades; Champion® spark plugs, wipers and filters; AE®, Fel-Pro®, FP Diesel® Goetze®, Glyco®, Nüral®, Payen® and Sealed Power® engine products; MOOG® steering and suspension parts; and Ferodo® and Wagner® brake products.
Federal-Mogul Powertrain designs and manufactures original equipment powertrain components and systems protection products for automotive, heavy-duty, industrial and transport applications.
Federal-Mogul was founded in Detroit in 1899. The company employs 44,300 people in 33 countries, and its worldwide headquarters is in Southfield, Michigan, United States. For more information, please visit www.federalmogul.com.