Rochester Hills, Mich., Jan 27 — First Brands Group, LLC (“First Brands” or the “Company”), a leading global supplier of automotive parts, announced that it has commenced a wind down of certain of its North American business operations, including its Brake Parts Inc., Cardone, and Autolite brands. First Brands’ remaining business units continue to operate while the Company assesses pathways to transition these operations to new ownership.
“Over the past several months, we explored all available options to secure funding and advance the sale process for the Brake Parts Inc., Cardone, and Autolite businesses,” said Charles Moore, interim Chief Executive Officer of First Brands Group. “Unfortunately, those efforts ultimately did not result in a viable solution which would enable us to maintain these operations. While this is not the outcome we worked toward, I want to sincerely thank our employees for their dedication, professionalism, and resilience throughout this process. As we move forward, we will continue to act in a disciplined manner to maximize value and transition our remaining portfolio of leading brands to new ownership in partnership with our key customers.”
Continued Efforts to Maximize Value
The wind down does not include First Brands’ other North American businesses including filters, wipers, pumps, lighting, towing, and accessories. First Brands is in productive dialogue regarding those businesses with certain key customers who recognize the critical role they play in the automotive supply chain and are supportive of their continued operations.
This wind down also does not include First Brands’ Rest of World (ROW) operations, which are not part of the Company’s chapter 11 cases, and First Brands is continuing to assess pathways to transition these businesses to new ownership.