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Federal-Mogul Posts Quarterly Loss, Delays Planned Split
Federal-Mogul Corp. says it will delay for at least six months a planned split into two publicly traded companies.
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Federal-Mogul Holdings Corp. has dropped plans to spin off its parts division as a separate publicly traded company.
The Southfield, Mich.-based supplier announced the spinoff in 2014 as its powertrain business prepared to integrate a trio of acquisitions. Chairman Carl Icahn said at the time that a split would enable the aftermarket unit to be more flexibility and responsive.
But Federal-Mogul announced in November it was suspending the plan pending a review by year-end. Now the company says it can achieve the same flexibility by operating both businesses—Motorparts and Powertrain—as divisions, each with its own CEO reporting directly to the Federal-Mogul board.
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