Federal-Mogul To Acquire Cooper
Aug. 18, 1998
SOUTHFIELD, Mich. (AP) _ Federal-Mogul Corp., a fast-growing automotive parts maker, is buying brake manufacturer Cooper Automotive for $1.9 billion in cash.
The deal announced Tuesday would be the sixth acquisition or joint venture that Federal Mogul has completed this year.
Cooper Automotive is a unit of Houston-based Cooper Industries Inc. In addition to brakes, Cooper Automotive makes lighting, chassis parts, ignition equipment and wiper blades. Its brands include Champion spark plugs, Anco windshield wipers and Moog steering and suspension parts.
``Cooper Automotive is an excellent strategic fit with Federal-Mogul,'' Dick Snell, Federal-Mogul chairman and chief executive, said in a statement.
Federal-Mogul, based in Southfield, makes engine bearings for Ford Motor Co., Toyota Motor Corp. and others. It employs 41,000 people worldwide.
Cooper Automotive had 1997 revenues of $1.87 billion, and its acqusition will lift Federal Mogul's annual revenue to about $7 billion.
The deal is subject to regulatory approval and is expected to close in the fourth quarter.