On September 10, 2014, Federal-Mogul Holdings announced that the company had reached an agreement with Tianhe Automotive Holdings to invest US$385 million in the acquisition of the latter's engine valve business unit.
Federal-Mogul to Acquire 905 Million U.S. Dollar to Acquire Tianhe Engine Valve Business Unit
In 2013, the TRW engine valve business unit had a global operating income of US$610 million and employed more than 5,400 employees in 12 countries. Federal-Mogulâ€™s acquisition of this business unit is expected to be completed in the first quarter of 2015.
Tianhe CEO John Plant said: "By selling the engine parts business to Federal-Mogul, the company will be able to focus more on the growth of active and passive safety technologies."
Just earlier this month, Federal-Mogul just announced plans to split its two business units, and its powertrain and vehicle parts solutions divisions will be listed separately in the form of independent companies.
TRW is negotiating with Germany ZF on the merger, and the latter is negotiating with the Bosch Group to avoid the obstacles from the EU regulatory agencies, hoping to withdraw from the ZF, the joint venture of the two groups. .
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