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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.