T & N Says In Shape For Federal Takeover

British engineering firm T&N Plc reported a return to profit on Wednesday as it signed off what are likely to be its last results before takeover by U.S. group Federal-Mogul Corp. The vehicle components maker said it made a pretax profit of 190 million pounds ($309.8 million) last year, against a loss of 388 million pounds in 1996 when it made heavy provisioning to fence the company off from its past as a major asbestos producer. We achieved underlying sales growth, we continue to slowly and steadily win more business and so far this year the markets have remained extremely strong, chairman Sir Colin Hope said.