Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The world global supplier of parts, components, modules and systems Federal-Mogul Corp. has announced to its customers in the automotive sector that it will cut about 4,000 jobs in 2009, consolidate locations and streamline its operations as part of a restructuring plan the auto-parts maker is undertaking amid sagging US car sales.
The company generates 60% of its business outside North America, but in the US high fuel costs prompted auto makers to cut production. Federal-Mogul has sites in around 35 countries in the world including in the EU. Detailed information of the announcement will be presented in autumn 2008.
Federal-Mogul said that the job cuts account for 8% of its global work force. It expects that the restructuring program, which starts this month, to cost between 60 millions dollars and 80 millions dollars by the end of 2009.
The firm emerged from six years of bankruptcy protection in December after being driven into Chapter 11 by asbestos lawsuits.
Federal-Mogul Corporation (Federal-Mogul) is a global supplier of parts, components, modules and systems to customers in the automotive, small engine, heavy-duty, marine, railroad, aerospace and industrial markets. It operates in six primary segments: Powertrain Energy, Powertrain Sealing and Bearings, Vehicle Safety and Protection, Automotive Products, Global Aftermarket, and Corporate. Federal-Mogul offers its customers an array of products for original equipment manufacturers (OEM) and replacement parts applications, including engine bearings, pistons, piston rings, piston pins, ignition products, fuel products, cylinder liners, valve seats and guides, sealing products, element resistant systems protection sleeving products, electrical connectors and sockets, disc pads and brake shoes, lighting, wiper and steering products. The Company’s principal customers include OEMs of vehicles and industrial products and aftermarket retailers and wholesalers.
Eurofound (2008), Federal-Mogul, Internal restructuring in World, factsheet number 67103, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/67103.
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