BorgWarner Sheds Fuel Systems Business.(Brief Article)

BorgWarner Inc. said that it has completed the sale of its fuel systems business to an investor group led by TMB Industries, a private equity group. Terms of the transaction were not disclosed.

The fuel systems unit was part of the vehicle products business of Kuhlman Corp. that BorgWarner acquired in March of 1999. The unit is among a number of businesses that have been divested since the acquisition because they did not fit into BorgWarner's strategic focus on powertrain technology.

Fuel Systems is based in Grand Rapids, Michigan and employs approximately 500 people. With annual revenues of approximately $75 million, the business is an independent supplier of fuel tanks and related components for medium and heavy-duty trucks. Its truck original equipment manufacturer (OEM) customers include Navistar International, Mack, Freightliner, Ford and General Motors.

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