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Kevin Freeland is exiting Federal-Mogul Corp. as one of its co-chief executives due to personal reasons, the company said in a statement. Freeland assumed the role in May 2014. Freeland will be replaced by board member Daniel Ninivaggi, who is also affiliated with the supplier’s controlling shareholder Carl Icahn.
The supplier also named Ninivaggi as CEO of its aftermarket group. Ninivaggi is the third executive to hold the post in less than two years. Rainer Jueckstock remains the other co-CEO. Ninivaggi had served as president and CEO of Icahn Enterprises LP since 2010. He also had leadership roles at Tropicana Entertainment Inc. and has sat on boards of a number of Icahn-controlled companies like XO Holdings Inc. and Viskase Companies Inc.
Before joining Icahn, Ninivaggi was a counsel for Winston & Strawn LLP and held various executive roles at Lear Corp. like general counsel, chief administrative officer and executive vice president. Ninivaggi has an MBA from the University of Chicago and a law degree from Stanford Law School. Federal-Mogul emerged from bankruptcy in 2008 and reported net losses of $45 million and $117 million in 2009 and 2012, respectively.Read the entire article Daniel Ninivaggi replaces Kevin Freeland as Federal-Mogul co-CEO
Federal-Mogul Corp. has reached an agreement to acquire the automotive and industrial brake friction business of Honeywell International Inc. for around $155 million. Federal-Mogul will also take control of Honeywell site in China and Romania. The friction materials business, based in Glinde, Germany, is expected to operate with no planned staffing changes or interruption in production while the agreement is finalized, Honeywell said in a statement.
The business employs over 2,000 people around the world. According to Honeywell, the agreement might result to an after-tax loss of 4 cents per share that will be recorded in the fourth quarter of 2013, but would not affect its financial outlook for 2014.
The agreement, which is expected to be completed in the second half of 2014, has caused Federal-Mogul shares to rise. Federal-Mogul is No. 50 on the Automotive News list of the top 100 global suppliers, with an estimated $4.3 billion in sales to carmakers in 2012.Read the entire article Federal-Mogul to buy Honeywell’s brake friction division for $155 million
Federal-Mogul Corp. has appointed Kevin Freeland as its co-chief executive. The supplier also named Freeland as chief executive of its aftermarket product operations, Vehicle Components Segment. Freeland’s appointment takes effect June 17, 2013, replacing Michael Broderick. Federal-Mogul spokesman Steven Gaut confirmed in an e-mail to Automotive News that Broderick is no longer the co-CEO of the company and CEO of its aftermarket product operations.
Gaut would not tell whether Broderick resigned or was terminated as co-CEO. Freeland, on the other, will share corporate CEO duties with Rainer Jueckstock. Carl Icahn, chairman of Federal-Mogul’s board, welcomed Freeland to the company, adding that the board is looking forward to his leadership in growing the aftermarket division and “building upon its world-class products and strong customer base." Icahn holds a 77.5-percent percent in Federal-Mogul.
Federal-Mogul produces and distributes more than 20 brands in the automotive aftermarket, including Champion spark plugs, MOOG chassis parts and ANCO wiper blades. Aside from the appointment, Federal-Mogul also disclosed that it would launch a $500-million stock rights offering, which proceeds will be used to refinance debt.Read the entire article Federal-Mogul names Kevin Freeland as co-chief executive
Because of the restructuring of Federal-Mogul Corp.’s brake friction business and the charges that resulted, the auto parts supplier experienced a quarterly loss. Last June, the company said that it will restructure some of its facilities to lessen capacity. In the second quarter, it incurred an impairment charge of $119 million.
Federal-Mogul is controlled by activist investor Carl Icahn. It reported a net loss of $59 million, or 60 cents per share, attributable to the company. A year ago, it posted a profit of $64 million, or 64 cents per share. The company said that without the impairment charges, the net income would only have been $53 million in the quarter.
Based on these figures, the company earned 54 cents a share, said Thomson Reuters, which compares with the average profit expectation of 56 cents per share from two analysts. Its revenue for the quarter that ended June 30 declined by 6% to $1.7 billion, as it became affected by the decrease in the light vehicle production in Europe.Read the entire article Federal-Mogul posts a net loss of $59 million in the second quarter
Federal-Mogul Corp. dipped into the red in the fourth quarter of 2011 after a $304 million one-time impairment charge caused the automotive supplier to post a fourth quarter net loss of $239 million, or $2.42 a share. This was in sharp contrast to its fourth quarter results in 2010, when Federal-Mogul recorded a net profit of $45 million, or 45 cents a share.
The impairment charge was caused by a decrease in the value of some of the company’s product lines. The company meanwhile posted a five-percent hike in revenues to $1.7 billion. Setting aside one-time items, the company posted a 2011 fourth quarter profit of $51 million, or 51 cents per share, compared to its 2010 fourth quarter profit of $38 million, or 38 cents per share.
According to the company, the one-time impairment charge came from writing down the “goodwill” value of certain assets and could have been offset by increased values of other business units. However, accounting rules prevented the company from recognizing the gains in the value of one reporting unit to offset impairment charges in another reporting unit.Read the entire article Federal-Mogul records $239 million fourth-quarter net loss in 2011
Federal-Mogul Corp. posted a higher profit in the second quarter, resulting to an increase in market share in the business segments that serve the auto industry. The auto parts supplier, which makes powertrain and safety technologies, is controlled by billionaire investor Carl Icahn.
It emerged from bankruptcy in December 2007 under Icahn's control. Federal-Mogul said that it aims to concentrate mostly on expanding its current businesses and "strategic" acquisitions.
It posted a net income of $64 million in the second quarter compared to $49 million the previous year. Sales had increased by about 13% to $1.8 billion. Analysts were anticipating sales of $1.7 billion.Read the entire article Federal-Mogul posted a higher-than-expected profit in the second quarter
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