Federal-Mogul expands powertrain division (pic)
Resource from: Automotive News Likes:151
Jun 05,2015
Federal-Mogul moved into its new headquarters last year in Southfield, Mich.
Federal-Mogul Holdings Corp., the supplier controlled by Wall Street investor Carl Icahn, is moving 140 employees from three operations in Ohio and Michigan to the Detroit suburb of Plymouth Township as part of an expansion of its powertrain division.
As part of the consolidation, Federal-Mogul will expand its technical center in Plymouth Township to 120,000 square feet from 88,000 square feet, the company wrote in an emailed statement.
Workers are moving to the expanded center from Cleveland, Ann Arbor, Mich., and Southfield, Mich. Federal-Mogul is expecting to spend more than $9 million on the expansion, which is expected start in mid-2015.
All of the identified employees in Southfield and Ann Arbor are expected to transition to the expanded site in the first quarter of 2016. The majority of employees at its Cleveland site will be offered employment at the new site. The company declined to comment on any potential layoffs or buyouts as part of the consolidation.
The move is part of a sweeping reorganization of the supplier.
Federal-Mogul moved into a new headquarters in Southfield late last year from its former headquarters a few miles away.
This year, Federal-Mogul delayed an earlier plan to split its business units into two publicly traded companies. The separation, which will result in Federal-Mogul Corp. for its automaker business and Federal-Mogul Motorparts for its aftermarket business, is still expected by the end of the year.
Federal-Mogul also acquired the chassis components business of Ann Arbor-based Affinia Group Inc. for an undisclosed amount, the brake business of Honeywell International Inc. for $155 million and the engine valve business of Livonia-based TRW Automotive Holdings Corp. for $385 million in 2013.
The reorganization is part of the supplier’s plan to return to stable profits and stock prices. As part of the moves, majority shareholder Icahn stepped down from Federal-Mogul’s board of directors. Daniel Ninivaggi, Federal-Mogul co-CEO and CEO of its Motorparts division, stepped down from Icahn Enterprises in February.
Federal-Mogul reported net income of $40 million on revenue of $1.8 billion in the first quarter of 2015, up from a loss of $19 million on revenue of $1.7 billion during the same quarter in 2014.
(Automotive News)
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