April 24, 1998 |
Federal-Mogul Corp. said it is firing 4,200 people, or about 10% of the auto parts company's work force, as it steps up efforts to wring out costs resulting from an aggressive acquisition program. The job cuts and a related first-quarter pretax charge of $48 million are about twice as large as Federal-Mogul previously said it expected.
March 30, 2000 |
Federal-Mogul Corp. shares rose 26% after financier Carl Icahn disclosed that he acquired a 5.2% stake in the world's largest maker of engine seals and bearings. The Southfield, Mich.-based company didn't return calls seeking comment. Federal-Mogul has struggled after an acquisition binge in 1998.
February 7, 1997 |
Auto parts maker Federal-Mogul Corp. said it will cut 18% of its work force, or about 2,900 jobs; sell 132 stores in Australia, Chile, Ecuador, Panama, Puerto Rico, South Africa and Venezuela; sell or restructure 30 wholesale operations in 10 countries and close at least three U.S. facilities in order to focus on its most profitable businesses, making and distributing auto parts worldwide. The Southfield, Mich.
February 11, 1999 |
Auto parts maker Federal-Mogul Corp. said Wednesday that it will not pursue a rival bid for LucasVarity, clearing the way for TRW Inc. to conclude the agreement it reached to acquire the British auto parts and aerospace company for $6.6 billion. "We remain committed to completing the transaction within the announced timetable," TRW Chief Executive Joseph Gorman said. The deal, which comes amid widespread industry consolidation, calls for TRW to pay $47.
November 12, 1997
Federal-Mogul Corp., the Southfield, Mich.-based maker of automobile parts, plans to close 13 service centers by the end of the year, eliminating 25 to 30 jobs, in a move to cut costs and improve its distribution system. . . . ING Group of Amsterdam offered to buy Banque Bruxelles Lambert for $4.68 billion in cash, stock and warrants in a bid to expand its business in Belgium. ING already owns 20% of BBL. . . . Electronics company Kemet Corp. of Greenville, S.C.
August 1, 2002 |
A U.S. appeals court rejected a request by DaimlerChrysler, Ford Motor Co. and General Motors Corp. to shift asbestos lawsuits over auto parts made by Federal-Mogul Corp. to federal bankruptcy court in Delaware. The U.S. 3rd Circuit Court of Appeals upheld a trial judge's decision, sending nearly 20,000 personal injury claims back to state courts.