Federal-Mogul, under bankruptcy protection since 2001, announced Friday a three-year restructuring plan that includes plant closings and cutting 4,500 jobs.
The restructuring plan will cost the company between $125 million and $150 million, and affect up to 25 of its facilities. The company hopes to exit Chapter 11 protection by mid-2006.

Analysts see this as the latest development in the drive for auto parts suppliers to cut costs and move manufacturing overseas, closer to fast-growing markets.

Federal-Mogul is the home of such famous brands as Champion Spark Plugs, Ferodo, Moog, Wagner and Sealed Power.

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