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Federal Mogul Corp

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BUSINESS
January 13, 1998 | Reuters
Auto parts maker Federal-Mogul Corp. said it agreed to acquire Fel-Pro Inc. for $720 million in cash and stock in its second major purchase in the rapidly consolidating industry. The proposed price for the privately owned gasket maker includes $495 million in cash and $225 million in stock.
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BUSINESS
August 20, 2005 | From Bloomberg News
Federal-Mogul Corp., an auto parts supplier that once made brake pads using asbestos, is subject to an estimated $9 billion in death and injury claims in the U.S. and about $411.3 million in Britain, a U.S. judge decided. In a recently released opinion, U.S. District Judge Joseph H. Rodriguez in Camden, N.J., said he reviewed trial evidence and data from an asbestos personal injury committee in the company's bankruptcy case before making the ruling.
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BUSINESS
January 30, 1999 | Reuters
Auto parts maker Federal-Mogul Corp. moved forward with a potential bid for Britain's LucasVarity, saying it signed a confidentiality agreement and will start examining LucasVarity's books Monday. The development comes one day after TRW Inc. agreed to buy LucasVarity for $6.6 billion in cash. Southfield, Mich.-based Federal-Mogul had proposed buying LucasVarity for $6.4 billion in cash and stock, but was rebuffed in favor of TRW.
BUSINESS
August 1, 2002 | Bloomberg News
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.
BUSINESS
April 24, 1998 | Bloomberg News
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.
BUSINESS
March 30, 2000 | Bloomberg News
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.
BUSINESS
February 7, 1997 | Times Staff and Wire Reports
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.
BUSINESS
February 11, 1999 | From Reuters
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.
BUSINESS
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.
BUSINESS
August 1, 2002 | Bloomberg News
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.
BUSINESS
January 4, 2001 | Reuters
Auto parts maker Federal-Mogul Corp. said it secured $550 million in additional credit to buy itself time to address an estimated $900 million in asbestos claims over the next four years. The Southfield, Mich.-based maker of Champion sparkplugs, Wagner brakes and other auto parts said it added a $200-million credit line and a $150-million loan to an amended $1.7-billion credit facility. Federal-Mogul said it also gained about $200 million in European financing.
BUSINESS
September 20, 2000 | From Bloomberg News
Federal-Mogul Corp. said Chief Executive Richard Snell resigned, as the world's No. 1 maker of engine seals and bearings became the latest auto-parts supplier to say third-quarter earnings will miss forecasts. Meanwhile, Johnson Controls Inc., the world's No. 2 maker of vehicle seats and interiors, bucked the industry trend with an announcement that profit will probably exceed analyst estimates in the fourth quarter.
BUSINESS
March 30, 2000 | Bloomberg News
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.
BUSINESS
March 16, 2000 | Reuters
Automotive parts supplier Federal-Mogul Corp. said that it will cut 1,500 jobs, close 22 North American warehouses and consolidate 18 manufacturing and distribution centers overseas as it restructures to improve profitability.
BUSINESS
February 11, 1999 | From Reuters
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.
BUSINESS
January 30, 1999 | Reuters
Auto parts maker Federal-Mogul Corp. moved forward with a potential bid for Britain's LucasVarity, saying it signed a confidentiality agreement and will start examining LucasVarity's books Monday. The development comes one day after TRW Inc. agreed to buy LucasVarity for $6.6 billion in cash. Southfield, Mich.-based Federal-Mogul had proposed buying LucasVarity for $6.4 billion in cash and stock, but was rebuffed in favor of TRW.
BUSINESS
August 20, 2005 | From Bloomberg News
Federal-Mogul Corp., an auto parts supplier that once made brake pads using asbestos, is subject to an estimated $9 billion in death and injury claims in the U.S. and about $411.3 million in Britain, a U.S. judge decided. In a recently released opinion, U.S. District Judge Joseph H. Rodriguez in Camden, N.J., said he reviewed trial evidence and data from an asbestos personal injury committee in the company's bankruptcy case before making the ruling.
BUSINESS
August 19, 1998 | Reuters
Auto parts maker Federal-Mogul Corp., continuing its acquisition spree, said it will buy Cooper Industries Inc.'s automotive unit for $1.9 billion in cash. The purchase would push Federal-Mogul's annual sales to $7 billion from $5 billion and make it a leading player in the braking segment of the auto industry. Federal-Mogul said it could take an estimated $55 million in pretax reserves for severance and exit costs at the closing of the deal, expected in the fourth quarter.
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