* Q2 net income $3 million vs $89.6 mln year ago * Has more than $1.2 billion of liquidity (Adds interview with CEO, details on cost cuts) DETROIT, July 30 (Reuters) - Auto parts maker Federal-Mogul Corp posted a sharp drop in quarterly profit on Thursday, but reported substantial progress from earlier in 2009 as it cut costs to address the economic downturn and production cuts by its automaker customers. Federal-Mogul, controlled by billionaire investor Carl Icahn, said it hoped to ...
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