MIBA Bearings US, LLC, a division of Miba Gleitlager AG (Laarkirchen, Austria) has completed its acquisition of Federal-Mogul's heavywall bearing manufacturing operation in McConnelsville, Ohio.

Heavywall bearings are defined as having a wall thickness of at least 0.25" (6.5mm) and diameter of at least 6" (152mm). Applications include locomotive engines, stationary compressors, generators and rolling mills.

Originally announced in July, less than six weeks ago, the divestiture/acquisition has been completed more than a month ahead of analysts' expectations. Most believed the transaction would close quickly and in Miba's favor. Not only because Federal-Mogul has immediate need for the cash, but also because such buyers for industrial product businesses are few in the current economic climate. Terms of the sale were not disclosed.

Miba AG is the holding company for a group of original equipment manufacturers which supply the international engine and vehicle industries. Miba Gleitlager AG began in 1947 and is the large-bearing market leader in Europe, second in the world. Its Bearing Group has operations in Austria, Germany, Singapore, Japan and the USA, manufacturing high-performance bearings for diesel and gas engines.

Miba's Bearing Group sales are approximately USD $65 million, employing 525 people. The McConnelsville operation is a major acquisition for Miba, adding approximately 270 people and sales of $33 million.