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Federal-Mogul Expands Existing Restructuring Plan in Response to Automotive Industry Downturn and 2009 Outlook
Posted by: gurufocus (IP Logged)
Date: December 23, 2008 02:04AM
Press Release: Federal-Mogul Expands Existing Restructuring Plan in Response to Automotive Industry Downturn and 2009 Outlook with and P/S ratio of 0.02.
(Logo: [www.newscom.com] )
"We continue to take actions in response to the ongoing significantdownturn in regional markets and global industry outlook. These measures arerequired to prepare the company for the unprecedented challenges in theautomotive industry," said
Federal-Mogul Corporation is a leading global supplier of powertrain andsafety technologies, serving the world's foremost original equipmentmanufacturers of automotive, light commercial, heavy-duty and off-highwayvehicles, as well as in power generation, aerospace, marine, rail, industrial,and the worldwide aftermarket. The company's leading technology andinnovation, lean manufacturing expertise, as well as marketing anddistribution deliver world-class products, brands and services with qualityexcellence at a competitive cost. Federal-Mogul is focused on its sustainableglobal profitable growth strategy, creating value and satisfaction for itscustomers, shareholders and employees. Federal-Mogul was founded in
Statements contained in this press release, which are not historical fact,constitute "Forward-Looking Statements." Actual results may differ materiallydue to numerous important factors that are described in Federal-Mogul's mostrecent report to the SEC on Form 10-K, which may be revised or supplemented insubsequent reports to the SEC on Forms 10-Q and 8-K. Such factors include,among others, the cost and timing of implementing restructuring actions, theCompany's ability to generate cost savings or manufacturing efficiencies tooffset or exceed contractually or competitively required price reductions orprice reductions to obtain new business, conditions in the automotiveindustry, and certain global and regional economic conditions. Federal-Moguldoes not intend or assume any obligation to update any forward-lookingstatement to reflect events or circumstances after the date of this pressrelease.
CONTACT: Paula Silver - 248-354-4530 Jennifer Rass - 248-354-7502 * Please note accent over 'e' in Jose Maria Alapont
Stocks Discussed: FDMLQ.OB, FDML,