Auto parts maker TRW Automotive Holdings Corp, which is being pursued by Germany's ZF Friedrichshafen AG, said it would sell its engine valve business to Federal-Mogul Holdings Corp for $385 million.The business, which has annual sales of about $610 million, makes valves for passenger car engines, as well as heavy-duty and large-bore engines.Sources told Reuters last month that ZF is considering selling its steering business to avoid antitrust issues.The sale of TRW's business to Federal-Mogul's powertrain division is expected to close in the first quarter of 2015, the companies said on Wednesday.
TRW Automotive Holdings Corp. (TRW Automotive) is a supplier of automotive systems, modules and components to global automotive original equipment manufacturers (OEMs) and related aftermarkets. Shares of TRW traded higher by 0.3% or $0.3/share to $100.90. In the past year, the shares have traded as low as $68.72 and as high as $107.25. On average, 1643340 shares of TRW exchange hands on a given day and today's volume is recorded at 164741.
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