For Your Information: December 9, 1998
Consent agreements given final approval: Following a public comment period, the Commission has made final a consent agreement with the following entity. The Commission action makes the consent order binding on the respondent.
- The Commission has revised and made final a consent order with Federal-Mogul settling charges that its $2.4 billion takeover of T&N violated federal antitrust laws. The settlement calls for Federal-Mogul, one of the world's leading producers of thinwall bearings used in car, truck and heavy equipment engines, to divest, by the end of December, T&N's thinwall bearings business, Glacier Vandervell Bearings Group (GVBG), to a Commission- approved buyer. During the public comment period following Commission acceptance of the proposed order, issues were raised about certain order provisions related to the assets to be divested. The Commission has amended the order to allow Federal-Mogul to retain a royalty-free license to use the shared patents currently in use for former T&N products other than thinwall bearings and has provided a phase-out period for Federal Mogul's use of various trademarks that are owned by GVBG and were used for former T&N products other than thinwall bearings. In addition the list of research employees who must transfer to GVBG has been modified. (See news release dated March 6, 1998; FTC File No. 981-0011; Staff contact is Philip M. Eisenstat 202-326-2769)
Copies of the complaint and consent order are available from the FTC's web site at http://www.ftc.gov and also from the FTC's Consumer Response Center, Room 130, 600 Pennsylvania Avenue, N.W., Washington, D.C. 20580; 202-FTC-HELP (202-382-4357); TDD for the hearing impaired 1-866-653-4261. Consent agreements subject to public comment also are available by calling 202-326-3627. To find out the latest news as it is announced, call the FTC NewsPhone recording at 202-326-2710.
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