Federal-Mogul Holdings Corp. has terminated the planned spin-off of its Motorparts division, announced earlier in September 2014.
The company’s plan to separate the Motorparts and Powertrain divisions into two public companies was to be accomplished through a tax-free distribution of shares in Federal-Mogul’s Motorparts division to shareholders of Federal-Mogul Holdings Corp.
With the termination, Federal-Mogul Holdings Corp. will continue to operate in two independent segments with separate CEOs who will each report directly to the board of directors, the company said.