Federal-Mogul Splitting Into Two Public Companies

Automotive parts producer Federal-Mogul Holdings Corp. will now apparently be full split into two publicly traded companies.

This will be accomplished through a tax-free distribution of shares in Federal-Mogul’s Motorparts division to shareholders of Federal-Mogul Holdings Corp. This will complete the separation of Federal-Mogul’s Powertrain and Motorparts units.

“By separating the Powertrain and Motorparts divisions of Federal-Mogul, we are creating two independent, market-leading companies that will be among the largest and strongest in their respective peer groups globally,” said Carl Icahn, chairman of Federal-Mogul Holdings. “Upon separation, the newly formed Federal-Mogul Motorparts will have a strong balance sheet with access to large amounts of capital, enabling it to pursue synergistic acquisitions in the highly fragmented aftermarket industry.

“In addition, the remaining Federal-Mogul Powertrain business will benefit from enhanced management focus and the allocation of resources more directly aligned with its strategic priorities. Upon separation, both businesses will be well-capitalized and poised for stand-alone success,” he said.

Federal-Mogul Motorparts’ aftermarket brands include Anco wiper blades; Champion spark plugs, wipers and filters; AE, Fel-Pro, FP Diesel, Goetze, Glyco, Nüral, Payen and Sealed Power engine products; Moog steering and suspension parts; and Ferodo, Jurid and Wagner brake products.

Federal-Mogul Powertrain is a global supplier of powertrain components to OEMs.

Ascot Supply Corporation, based in Newnan, Georgia, has selected Mark Paquette for the newly created position of vice president. In this position, Ascot Supply said Paquette will oversee the growth of the company's products, corporate profitability, manage marketing and advertising and assume many other responsibilities.

He will work under the direction of current President David Kessler and officially begin his new role on June 3. Paquette joined the tire and automotive industry in the early 1980s at his father's tire shop, and his contributions to Mohawk Rubber Sales were instrumental in the company's growth and eventual sale to Myers Tire Supply in 2021, according to Ascot Supply. Paquette eventually was given a promotion to the role of director of operations at Myers Tire Supply.