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UPDATE 1-TRW to sell engine valve business to Federal-Mogul
September 10, 2014 / 2:13 PM / 3 years ago

UPDATE 1-TRW to sell engine valve business to Federal-Mogul

(Adds details on TRW, share movement)

Sept 10 (Reuters) - Auto parts maker TRW Automotive Holdings Corp, which is being pursued by Germany’s ZF Friedrichshafen AG, said it would sell its engine valve business to Federal-Mogul Holdings Corp for $385 million.

The business, which has annual sales of about $610 million, makes valves for passenger car engines, as well as heavy-duty and large-bore engines.

Sources told Reuters last month that ZF is considering selling its steering business to avoid antitrust issues.

The sale of TRW’s business to Federal-Mogul’s powertrain division is expected to close in the first quarter of 2015, the companies said on Wednesday.

The announcement comes a week after Federal-Mogul said it would separate its motorparts and powertrain businesses into two publicly traded companies. [ID;nL3N0R44D3]

TRW shares were flat at $100.71 in early trading on the New York Stock Exchange. Federal-Mogul shares were down less than 1 percent at $16.59 on the Nasdaq. (Reporting by Sagarika Jaisinghani and Rohit T.K. in Bangalore; Editing by Sriraj Kalluvila)

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