Report: Icahn Looking to Unload Share of Federal-Mogul

Published: March 11, 2011

Mogul investor Carl Icahn is considering selling his huge stake in vehicle parts maker Federal-Mogul Corp., according to reports.

Icahn owns a 76% stake in Federal-Mogul and is non-executive chairman of the board. Reports say he is feeling out potential buyers, and that he has retained Lazard Ltd. to provide assistance.

Based in Southfield, Mich., Federal-Mogul emerged from lengthy bankruptcy reorganization in December 2007 with Icahn in control. Analysts say Federal-Mogul has long-term debt of about $2.8 billion and sales of about $6 billion, making any deal value about $5 billion.

Federal-Mogul produces and sells parts for consumer, light commercial, heavy-duty and off-highway vehicles, as well as parts for power generation, aerospace, marine and rail industries.

Gallery: Turbo Wholesale Tire open house

Highlights from this year’s annual Turbo Wholesale Tires open house event, which featured a trade show, dinner and buyers event.

By Christian Hinton

Published: May 15, 2024

Turbo Wholesale Tires recently held its annual open house event, where it introduced the new Lexani Volt-EC EV tire. However, as any of the hundreds of people in attendance will tell you, the event included much more than a tire launch. After registration, guests entered Turbo's new tire-filled warehouse, with half the space set aside for the tire companies and dealers, food and drinks, games and stage with a nearby pile of 89 prizes worth over $25,000.