Federal-Mogul Corp. will purchase Cooper Industries Inc.'s automotive business for $1.9 billion in cash, bringing to six the number of acquisitions or joint ventures the Southfield, Mich.-based automotive-parts manufacturer has embarked upon in 1998. This acquisition will bring to Federal-Mogul several well-known aftermarket and original equipment products such as Champion spark plugs, Anco wiper products, Wagner Lighting, and Moog steering and suspension parts.
"These are highly regarded brand names in the marketplace and enjoy the number one or two leadership position," says Dick Snell, Federal-Mogul chairman and CEO.
Cooper Industries, based in Houston, announced in April that it would sell its automotive-products division and concentrate on its two remaining segments -- electrical products and tools and hardware.
The Cooper Automotive-Wagner Lighting Products plant in Hampton, Va., was named an America's Best Plant by IW in 1997.