Federal-Mogul Selling Sintertech SAS

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Industrial manufacturer Federal-Mogul is selling its Sintertech SAS division to the TMC company controlled by French industrialist Thierry Morin. Federal-Mogul confirmed the sale -- without revealing any financial details of the sale, such as the purchase price or closing date -- in a press release issued Monday.

Sintertech sells branded powdered metal components for engines and gearboxes, as well as powdered metal filtration elements primarily used in the chemical industry. Federal-Mogul explained the divestiture by calling Sintertech "not core to Federal-Mogul Powertrain's long-term portfolio strategy."

Federal-Mogul shares declined 3.2% following the announcement, closing at $6.28.

The article Federal-Mogul Selling Sintertech SAS originally appeared on Fool.com.

Fool contributor Rich Smith and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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