Federal-Mogul fourth-quarter losses down from year earlier

SOUTHFIELD, Mich. (Feb. 22)—Federal-Mogul Corp. reported a net loss of $111.7 million for the fourth quarter of 2001, compared with a loss of $389.5 million during the same period last year. Sales for the quarter fell 4.2 percent to $1.29 billion; for the full year they decreased 9 percent. The seal maker lost just over $1 billion on sales of $5.5 billion in 2001, vs. a net loss of $281.5 million on sales of $6.01 billion in 2000. During the year Federal-Mogul said it cut its global employment by 9 percent, but the addition of 2,500 employees with the March, 2001 acquisition of Polish piston maker WSK Gozyce S.A. brought the total number only 4 percent lower than 2000. In its earnings statement, Federal-Mogul said it has received an extension until Aug. 1 to present its plan of reorganization to the bankruptcy court. The manufacturer said auto makers whose attempts to tie their asbestos litigation with Federal-Mogul's were denied earlier this month are appealing the decision.