F-M Sells Industrial Bearing Business

Federal-Mogul Corporation has sold its industrial rotating plant bearing and magnetic bearing business to Waukesha Bearings Corporation, a subsidiary of New York-based Dover Corporation. Terms of the transaction were not disclosed.
The sale includes an engineering and sales office and four manufacturing plants that supply friction-reducing bearings to the gas, steam and hydraulic turbine; compressor; pump; electrical motor and generator markets, as well as for turbomachinery applications.
The business, known as Federal-Mogul RPB Ltd., includes approximately 215 employees at plants in Glasgow, Scotland; Manchester and Shoreham, England; and Mystic, Connecticut; and at a sales and engineering office in Middlesex, England.
Customers include Alstom, Siemens-Westinghouse, General Electric, Reda Pumps and Demag-Deleval.
Federal-Mogul acquired the rotating plant and magnetic bearing business when it purchased T&N plc in 1998. The business had 2000 net sales in excess of $20 million.
“We are pleased with this transaction, since it will allow these dedicated employees the opportunity to develop the business as a core activity within Dover Corporation and continue to provide customers with high-quality, leading technology products,” said Wilhelm A. Schmelzer, Federal-Mogul executive vice president, Powertrain Systems.
“Federal-Mogul remains committed to manufacturing and distributing engine bearings as a part of our core Power Cylinder Systems business, which primarily serves customers in the automotive, heavy-duty truck and small-engine markets.”
Waukesha Bearings, headquartered in Waukesha, Wisconsin, is a manufacturer of bearings for a variety of rotating machinery applications, including turbomachinery, motors and generators, industrial, utility, naval and commercial marine industries. Sales for Dover Corporation, a diversified manufacturer of industrial products, exceeded $5.4 billion in 2000.