According to reports, the Federal-Mogul Corporation recently announced that the company’s previous plan to split into two parts in the first half of this year will be postponed.
Federal-Mogul said in its recently announced 2014 financial report that the company decided to start integrating the business acquired last year, so the spin-off plan will be postponed. The board of directors will re-determine the split time of the company at the end of the year.
Federal-Mogul Plans to Prioritize Integration of Acquired Business Split Plan
Last year, Federal-Mogul Corp. acquired Affinia Group Inc. chassis components business, acquired Honeywell's brake business for $155 million, and acquired TRW Automotive's engine for $385 million. Valve business.
In September of last year, Federal-Mogul announced that it would split its Powertrain division and the Motorparts division, which will be marketed separately as two separate companies.
In May last year, Federal-Mogul had renamed the company's aftermarket business division to the Vehicle Fittings Solutions Division. After the split of the two business divisions, the shares of the Vehicle Fittings Solutions Division will be distributed to the existing shareholders of Federal-Mogul in tax-free form. At that time, the department was expected to be listed as an independent new company in the first half of 2015.
In the fourth quarter of last year, Federal-Mogul’s operating income reached 1.8 billion U.S. dollars and its net loss was 185 million U.S. dollars. However, if one-time expenses were excluded, the company’s net profit was US$11 million in the previous quarter, which was basically the same as in the same period of 2013.
For the full year of 2014, Federal-Mogul’s operating revenue was US$7.317 billion, an increase of 7.8% from US$6.786 billion in 2013; net loss was US$168 million, and net profit in 2013 was US$48 million.
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