ERJ staff report (AN)
Detroit, Michigan -- Federal-Mogul Corp. says it has retained Lazard Ltd. to help the company consider "strategic alternatives" to enhance shareholder value.
The company offered no further details.
In March, Reuters reported that several private equity firms are considering bids to buy Federal-Mogul. According to the wire service, possible bidders included Bain Capital, Apollo, Carlyle Group, TPG Capital, Blackstone Group and Canadian private equity firm Onex.
The suburban Detroit supplier produces pistons, rings, cylinder liners, bearings and other engine components. Last year, Federal-Mogul reported net income of $161 million on global sales of $6.2 billion.
The company emerged from bankruptcy in 2007 under the control of billionaire investor Carl Icahn, who owns 76 percent.
From Automotive News (A Crain publication)
Press release from Federal Mogul