Diversified auto parts supplier Federal-Mogul Corp. sold its connecting rod and camshaft business to JD Norman Industries Inc. Terms of the sale, which closed on June 28, were not disclosed.
The deal divests Federal-Mogul's connecting rod machining plant in Windsor, Canada, and its camshaft foundry in the United Kingdom, the supplier said today.
As part of the agreement, Addison, Ill.-based JD Norman will continue to employ the 230 people at the plants, Federal-Mogul said.
The two plants, which supply General Motors Co., Ford Motor Co., Chrysler Group LLC, and others, were not core to Federal-Mogul's long-term strategy, Rainer Jueckstock, Federal Mogul's co-CEO and CEO of its powertrain business unit, said in the statement.
The supplier, based in suburban Detroit, has struggled to remain profitable despite an upswing in the North American auto market. Federal-Mogul reported a net loss of $34 million in the first quarter of this year, its fourth straight unprofitable quarter.
In May, Jueckstock's co-CEO Michael Broderick resigned less than a year after joining the company. Broderick was replaced by former Advance Auto Parts Inc. COO Kevin Freeland.
Federal-Mogul, which sells a variety of powertrain components and brand-name aftermarket parts, ranks No. 50 on the Automotive News list of the top 100 global suppliers with estimated worldwide sales to automakers of $4.3 billion in 2012.
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