Federal-Mogul Corporation has announced it the signing of an agreement to sell the business, defined assets and inventory of its Signal- Stat Lighting Products division to Truck-Lite Co., Inc., a subsidiary of Penske Company LLC, for $23 million subject to customary closing adjustments.
The purchase agreement is subject to approval by the U.S. Bankruptcy Court in Wilmington, Delaware after compliance with approved bidding procedures. A hearing is scheduled for February 26, 2002. Federal-Mogul’s letter of intent with Truck-Lite was approved by the court on January 14, 2002
Signal-Stat Lighting Products produces exterior lighting and power distribution products principally for heavy duty and commercial vehicle markets serving both original equipment and aftermarket customers. Signal- Stat sales were approximately $54 million in 2001.
Signal-Stat’s exterior product lines, which include clearance and marker lamps, signal lamps, back-up lamps and alarms and emergency lighting, accounted for approximately 70% of annual sales. Power distribution products include such items as turn signal switches, daytime running lamps, lamp plugs and flashers.
No Federal-Mogul manufacturing facilities are included in the sale as the business occupies portions of five different locations. Those locations are: Logansport, Indiana; El Paso and Brownsville, Texas; and Juarez and Matamoros, Mexico. Federal-Mogul locations in Sparta, Tennessee and Boyertown, Pennsylvania will continue to supply certain products to Signal-Stat under a supply agreement with Truck-Lite.
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