DETROIT — Federal-Mogul Corp. has signed a letter of intent to sell some of its U.S. camshaft operations to ASIMCO, a parts maker in Beijing.
The sale is worth $25.7 million. Federal-Mogul also will retain the outstanding accounts receivable of these operations.
Included in the deal are three plants in Grand Haven, Mich., and Orland, Ind. One of the Grand Haven plants is a joint venture with Nippon Piston Ring Co. Ltd. Federal-Mogul owns 80 percent of that venture.
The operations that the Southfield, Mich., supplier intends to sell had combined sales of about $80 million in 2001. The U.S. Bankruptcy Court in Wilmington, Del., must approve the transaction. Federal-Mogul filed for Chapter 11 bankruptcy protection in October.