Directors of Federal-Mogul-Bower Bearing, Inc. of Detroit, and Sealed Power Corporation of Muskegon, Tuesday, voted to submit to their shareholders a plan to merge their companies. Both companies own and operate plants in St. Johns.
The announcement was made in Detroit by Guy S. Peppiatt, Chairman, and James O. Wright, President, of Federal-Mogul-Bowers Bearings. A Simultaneous announcement was made in Muskegon by Paul C. Johnson, President of Sealed Power.
Special meetings of the shareholders of both companies to vote on the merger have been set for Sept. 28. Approval requires two thirds majority of the shares of each company.
The merger agreement provides that Sealed Power shareholders would receive one share of Federal-Mogul-Bower Bearings stock in exchange for each share of Sealed Power stock owned by them.
Federal-Mogul-Bower’s shareholders will also be asked to enlarge the company’s nine-man board of directors to 11, and to elect Johnson and Gordon E. Reynolds, Sealed Power’s executive Vice President, to these new positions.
If the merger is approved by shareholders; Sealed Power will be operated as a division of Federal-Mogul-Bower Bearings, Inc. Johnson will become General Manager of the Sealed Power Division and a Vice-President of Federal-Mogul-Bower.
Other members of the Sealed Power organization will continue with their present responsibilities.
Sealed power produces piston rings, pistons, and cylinder sleeves for original equipment and service applications. Federal-Mogul-Bower manufactures sleeve, ball and roller bearings, oil seals and specialized aerospace components.
Both companies serve a broad range of original equipment customers in the automotive, farm implement, construction equipment and other industries, and they are major suppliers of replacement parts to wholesalers.
Officials of the two companies said, “Both concerns have many years of experience in serving the same types of customers in both the original equipment and service fields. The proposed merger of our two companies will permit us to perform a better job of serving our customers’ need, both here and abroad.”
— July 16, 1964