Federal-Mogul Corp. sells torque converter business

SOUTHFIELD, Mich. (April 24)—Federal-Mogul Corp. has completed the sale of its torque converter business, TCI, to Competition Cams Inc. for an undisclosed amount. Federal-Mogul acquired TCI in 1998 when it purchased Fel-Pro Inc. TCI, a remanufacturer of torque converters for high-performance automotive aftermarket applications, posted sales of $12 million last year. The unit employs 90 at a plant in Ashland, Miss., and an engineering office in Brighton, Mich. Competition Cams parent will offer TCI opportunity for growth, said Chip McClure, Federal-Mogul president and chief operating officer. During its first-quarter earnings conference call April 19, Federal-Mogul CEO Frank Macher said the automotive supplier is in the process of identifying core and non-core businesses. Federal-Mogul will not rush to divest non-core units, but will make capital investments only in those businesses it has targeted for growth, Macher said.