Federal-Mogul Powertrain Announces Completion of Piston Ring Joint Venture in Changsha, China
21 Juillet 2015 - 2:00PM
New facility will produce industrial piston rings designed
to improve fuel economy, enable emissions reduction
Shanghai, CHINA, July 21,
2015 -- Federal-Mogul Powertrain, a division of Federal-Mogul
Holdings Corporation (NASDAQ:FDML), today announced the completion
of the joint venture agreement for the operation of an industrial
large-bore piston ring facility in Changsha, China. The
facility, which became fully operational on June 26, 2015,
positions Federal-Mogul Zhengsheng (Changsha) Piston Ring Co., Ltd.
as a leader in the industrial piston ring market in China and the
broader Asian market, providing piston rings for large-bore
industrial engines in the commercial shipping, railway and power
generation industries.
As a majority shareholder, Federal-Mogul
Powertrain will provide global technology and manufacturing
expertise as well as access to global customers, while JV partner
and Zhengsheng founders Mr. Yan Chungeng and Mr. Yan will continue
to maintain its strong customer relationships in the domestic
Chinese market.
"The demanding emissions regulations in China are
driving increased demand for fuel efficiency and emissions
reduction in all industries," said Michael Hedderich, Senior Vice
President, Rings and Liners and Valve Seats and Guides,
Federal-Mogul Powertrain. "In response to this trend, Federal-Mogul
Powertrain has invested heavily in the large-bore piston ring
business in Changsha, which will bring significant new
opportunities for the company in the Chinese market."
The joint venture will operate in a new 25,000 sq
meter facility located in Changsha Economic and Technological
Development Zone, and take on existing operations of Changsha
Zhengsheng Piston Ring Co., Ltd. With more than 70 years operating
in China, Changsha Zhengsheng is a top supplier of industrial
piston rings for Chinese shipping and railway engine manufacturers,
serving many domestic OEMs there.
"In addition to the production of Zhengsheng
piston rings, we will integrate a production line for the
manufacture of Federal-Mogul's Goetze® four-stroke industrial
piston rings, designed specifically for industrial customers who
are seeking solutions to reduce emissions and improve fuel economy,
" said Peter Liu, General Manager of Federal-Mogul Zhengsheng
(Changsha) Piston Ring Co., Ltd.
Currently, Federal-Mogul Zhengsheng (Changsha)
Piston Ring Co., Ltd. boasts an annual capacity of 2.5 million
four-stroke industrial piston rings, making it a leading supplier
of industrial piston rings in commercial shipping and railways
throughout China. It is expected that the workforce of the company
will reach 200 by the end of 2015.
Federal-Mogul established its first manufacturing
operation in China in 1995. With globally networked engineering and
localized production capabilities, Federal-Mogul Powertrain has
established itself as a leader in the Chinese automotive market,
providing sustainable, high-performance engine components for its
customers there. Today, Federal-Mogul Powertrain operates 13
wholly-owned or joint venture companies in nine locations.
Federal-Mogul Powertrain's Shanghai-based Asia Pacific Technical
Center is one of the company's globally networked engineering and
technical centers, providing leading edge technologies and services
to domestic and foreign transportation manufacturers throughout
Asia.
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 Powertrain designs and manufactures
original equipment powertrain components and systems protection
products for automotive, heavy-duty, industrial and transport
applications.
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®,
Jurid® and
Wagner® brake
products.
Federal-Mogul was founded in Detroit in 1899 and
maintains its worldwide headquarters in Southfield, Michigan. The
company employs nearly 50,000 people in 34 countries. For more
information, please visit www.federalmogul.com.
###
Contact:
Colleen Hanley
Federal-Mogul Powertrain
+1 (248) 354-3045
Email: colleen.hanley@federalmogul.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Federal-Mogul Corporation via Globenewswire
HUG#1940040
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