Southfield, Michigan -- Federal-Mogul Corp. has announced the election of Carl Icahn as its non-executive chairman of the board.
â€œWe have very positive relations with Carl Icahn and we welcome him as non-executive chairman,â€ said Federal-Mogul president and CEO JosÃ© Maria Alapont.
The automotive parts supplier exited bankruptcy protection on 28 Dec, more than six years after a series of lawsuits resulting from auto parts containing asbestos sent the firm into Chapter 11.
Icahn, an American billionaire, financier and private equity investor with a reputation as a corporate raider, paid about $775 million (Euro 530.2 milliion) for Federal-Mogul's unsecured debt.
As of 2007, Forbes magazine tabbed him the 18th richest man in America with a net worth of about $14500 million.
â€œI am very pleased that a financially strong Federal-Mogul has finally emerged from the bankruptcy process,â€ Icahn said. â€œAdditionally and most importantly, Federal-Mogul will no longer be hampered by asbestos litigation. I wish to thank and congratulate all those who have worked with me throughout the last six years to accomplish this.â€
Federal-Mogul was founded in Detroit in 1899 and is a global supplier of parts for consumer, light commercial, heavy-duty, agricultural, marine, rail, off-the-road and industrial vehicles.
From Tire Business (A Crain publication)
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