US Mogul holding company, today announced that the company's two major business unit will - Powertrain (Powertrain) and vehicle accessories Solutions (Motorparts) split and form two separate listed companies, respectively.

In May of this year, Federal-Mogul renamed the aftermarket business division to the Vehicle Fittings Solutions Division. This time, the two business divisions will be split and will distribute the shares of the Vehicle Fittings Solutions Division to Federal-Mogul in a tax-free manner. There are shareholders, the department is expected to be listed as an independent new company in the first half of 2015.

Federal-Mogul Chairman Carl Icahn said: "By splitting the two business divisions, we will create two independent companies that are global leaders in their respective fields. After the completion of the division, vehicle accessories solutions The new company set up by the ministry will have a stronger balance sheet and will also be able to acquire more capital to implement M&A expansion in a highly fragmented aftermarket."

As for the powertrain department, Carl Icahn also pointed out: "At present, the Federal-Mogul Powertrain business will also benefit from a higher management focus and a more strategic allocation of resources. After the split, both businesses will Have sufficient capital and seek their own success with ease and independence.”

Due to poor long-term performance in the post-market segment, with losses of $90 million and $120 million in 2011 and 2012, respectively, Federal-Mogul started to restructure the aftermarket segment in 2012. In February of this year, Daniel Ninivaggi became Federal CEO of Federal-Mogul and CEO of the Vehicle Fittings Solutions Group, and has been preparing for the split between the two divisions.

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