Southfield, Michigan, United States and New Delhi, Delhi, India
Federal-Mogul Corporation (OTC Bulletin Board: FDMLQ) announced today the acquisition of additional shares to own the majority stake of its long-standing joint venture, Goetze (India) Limited (GIL), a publicly traded leading supplier of automotive pistons, rings, liners, pins and sintered products. The transaction, which increases Federal-Mogul's share in GIL to 50.1 percent, supports the Company's growth strategy by expanding its presence in India, a key market for its global automotive products and aftermarket business.
"Federal-Mogul's increased investment in GIL is a key part of our strategy to drive global profitable growth by providing our leading technology, and world-class quality products and services in India, one of the most dynamic and growing economies," said Federal-Mogul Chairman, President and Chief Executive Officer Jose Maria Alapont. "Developing best-cost capabilities and increasing our manufacturing footprint in India will enable us to better serve both new and existing customers in domestic and global markets."
Headquartered in New Delhi, Federal-Mogul's GIL business has three operations in India - located in Patiala, Bangalore and Bhiwadi - with nearly 5,000 employees. The Indian market leader in pistons and piston rings, GIL supplies all major Indian original equipment manufacturers in the automotive, heavy-duty, motorcycle, industrial and agricultural markets, in addition to a variety of aftermarket customers. GIL's 2005 net sales exceeded Rs 4.3 billion (more than $96.8 milli