First Brands Group LLC has Commenced a Wind Down
Key Highlights
- First Brands is winding down certain North American operations, including Brake Parts Inc., Cardone, and Autolite brands.
- The company continues to operate other North American businesses and its global operations outside of North America.
- Efforts to secure funding and sell the affected units were unsuccessful, leading to the wind down decision.
- Employees are thanked for their professionalism and resilience during this transition process.
- The company remains committed to maximizing value and transitioning remaining brands to new ownership.
First Brands Group LLC, announced that it has commenced a wind down of certain North American business operations, including its Brake Parts Inc., Cardone, and Autolite brands.
First Brands' remaining business units continue to operate while it asseses how 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.”
This wind down does not include First Brands' other North American businesses - including filters, wipers, pumps, lighting, towing, and accessories - or First Brands' Rest of World (ROW) operations.
First Brands' ROW operations are not a part of the Company's chapter 11 cases, and the company is continuing to assess pathways to transition these businesses to new ownership.