Bankruptcy to being acquired
In 1998, the company acquired the Automotive Products division of Cooper Industries, with brands including Anco wiper blades, Champion ignition, MOOG chassis, and Wagner and Blazer lighting.[11] It also acquired Cooper's Abex Friction products business, which included asbestos-containing products.[12] That same year, Federal-Mogul acquired Turner & Newall, a building materials company based in Manchester, UK. Turner & Newall was one of the world's largest manufacturers of asbestos-related products, including those made with blue crocidolite asbestos mined in South Africa. Turner & Newall was responsible for the Armley asbestos disaster in Leeds, UK. After the acquisition, Federal-Mogul set aside approximately $2.1 billion to cover asbestos-related claims but that amount proved insufficient.[13] The large number of products liability claims that came with the Turner & Newall acquisition were largely responsible for Federal-Mogul's federal Chapter 11 bankruptcy filing in 2002.
During the company's restructuring, Federal-Mogul Corporation acquired multiple companies including Robert G. Evans Co., Hanauer Machine Works, Metalic Inc., Mather Co. and Fel-Pro, Inc.[14] The company emerged from Chapter 11 reorganization in January 2008, and in April 2008, the company listed Class A common stock on NASDAQ under the trading symbol FDML.[14]
In June 2010, Federal-Mogul expanded further into Asia by opening a headquarters and technical center in Shanghai, China.[15] The Asia Pacific headquarters and technical center facility contains powertrain dynamometers and vehicle braking test cells among other processes.[15] The location allows for increased technical support to powertrain and vehicle customers as well as technology development.[15]
Federal-Mogul acquired Daros Group in June 2010, a privately owned supplier of pistons for large bore engines used in industrial energy generation and commercial shipping.[16] The acquisition of the group included operations in China, Sweden and Germany.[16] The purchase of draco added two-stroke and four-stroke piston ring products to Federal-Mogul's portfolio of industrial piston rings.[16]
In March 2012, Federal-Mogul's board of directors modified the company's corporate structure to create separate Powertrain and Vehicle Components segments, each with its own CEO.[17] Rainer Juckstock former senior vice president of the company's Powertrain Energy business, was named CEO for the Powertrain segment effective April 1, 2012.[17] In February 2014, Daniel A. Ninivaggi was appointed CEO of the Federal-Mogul Vehicle Components segment (VCS).
In July 2012, Federal-Mogul announced a definitive agreement to purchase the BERU spark plug business from BorgWarner Inc.[18]
In September 2014, the company formally announced the long-awaited modification to its corporate structure - a split into two separate companies: Federal-Mogul Powertrain and Federal-Mogul Motor-Parts. The Powertrain division will focus on manufacturing and selling OEM auto parts, while the Motor-Parts division will be responsible for selling aftermarket parts. Each company will have its own CEO and corporate-level staff, who will continue to report to the board of directors of Federal-Mogul Holding Corporation. The company expects the split to be completed in the first half of 2015, pending regulatory approval.[19]
In December 2016, Federal-Mogul completed the acquisition of the Beck/Arnley brand and certain associated assets. Based in Smyrna, Tennessee, Beck/Arnley is a provider of parts and fluids for foreign nameplate vehicles in North America.
In January 2017, majority shareholder Carl Icahn completed a $300 million deal for all of Federal-Mogul's stock, after which he changed the company from a public company to a private company.[20]
In April 2018, Tenneco announced that they had purchased Federal-Mogul in a deal worth approximately US$5.4 billion.[21] On October 1, 2018, Tenneco Inc. completed its acquisition.[2]
