Still coping with indigestion, Federal-Mogul Corp. takes additional steps to shore up its sagging aftermarket operations, announcing it will close, consolidate or rationalize at least 62 facilities worldwide. The massive restructuring will cut 1,500 people from Federal-Mogul's payroll (worldwide headcount of 50,400) and cost the Southfield, MI, supplier $100 million in restructuring charges over the next two years and an additional $100 million in incremental expenses and capital ...
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