SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported): September 17, 2008
Icahn
Enterprises L.P.
(Exact
name of registrant as specified in its charter)
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Delaware
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1-9516
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13-3398766
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(State
or Other Jurisdiction of Incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
No.)
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767
Fifth Avenue, Suite 4700, New York, NY 10153
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(Address
of Principal Executive Offices) (Zip
Code)
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Registrant’s
Telephone Number, Including Area Code: (212)
702-4300
(Former
Name or Former Address, if Changed Since Last Report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
| o |
Written
communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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Section
8 - Other Events
Item
8.01. Other Events
On
July
3, 2008, Icahn Enterprises L.P. (“Icahn Enterprises”) acquired a 50.5% majority
interest in Federal-Mogul Corporation (“Federal-Mogul”). As a result of the
acquisition, the financial position and results of operations of Federal-Mogul
are consolidated by Icahn Enterprises. Icahn Enterprises’ consolidated financial
statements reflecting the acquisition will first be published in its quarterly
report on Form 10-Q for the quarter ending September 30, 2008.
On
September 17, 2008, Federal-Mogul issued a press release announcing that it
intends to initiate a restructuring plan designed to improve operating
performance and respond to increasingly challenging conditions in the global
automotive market. The planned actions are expected to occur as a result of
several initiatives designed to streamline business processes, consolidate
or
close locations, and reduce general and administrative staffing. Federal-Mogul
anticipates that these initiatives, which will begin in the quarter ending
September 30, 2008 and are expected to be substantially completed by the end
of
2009, will result in an estimated charge in the range of approximately $60
to
$80 million. This estimated charge relates primarily to severance and benefits
costs. The plan, when combined with other workforce adjustments, is expected
to
reduce Federal-Mogul’s global employment by approximately 4,000 positions, or
eight percent.
A
copy of
the press release is attached hereto as Exhibit 99.1 and incorporated herein
by
reference.
Section
9 - Financial Statements and Exhibits
Item
9.01(d) Exhibits.
Exhibit
99.1 - Press
Release issued by Federal-Mogul Corporation dated September 17,
2008.
Exhibit
Index
| 99.1 |
Press
Release issued by Federal-Mogul Corporation dated September 17,
2008
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[remainder
of page intentionally left blank; signature page follows]
2
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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ICAHN
ENTERPRISES L.P.
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(Registrant)
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By:
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Icahn
Enterprises G.P. Inc.
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its
General Partner
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By:
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/s/
Dominick Ragone
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Dominick
Ragone
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Principal
Financial Officer
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Date: September
17, 2008
3
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CONTACT:
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Paula
Silver - 248-354-4530
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Jennifer
Rass - 248-354-7502
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Federal-Mogul
Streamlining Operations, Adjusting to Industry Outlook
Preliminary
expense estimates of $60-$80 million through end of
2009
September
17, 2008 - Southfield, MI…..Federal-Mogul Corporation (NASDAQ:FDML) today
announced a restructuring plan designed to improve operating performance and
respond to increasingly challenging conditions in the global automotive market.
The plan, when combined with other workforce adjustments, is expected to reduce
the company’s global workforce by approximately 4,000 positions or eight
percent. The planned actions are expected to occur as a result of several
initiatives designed to streamline business processes, consolidate or close
selected locations, and reduce general and administrative staffing. The company
is not disclosing the specific sites at this time, pending further evaluation
and consultations with appropriate parties. The restructuring initiatives will
begin during September 2008 and continue into 2009 with several phases of
implementation. Preliminary cost estimates of the restructuring program are
in
the range of $60-$80 million through the end of 2009.
“We
are
taking actions in response to a downturn in regional markets and global industry
outlook. We recognize this is a difficult decision, yet these measures are
required to prepare the company for the increasingly challenging automotive
environment. The efficiencies gained as a result of these initiatives will
strengthen Federal-Mogul’s competitive position and help assure the company’s
future as we continue to implement our sustainable global profitable growth
strategy,” said José Maria Alapont, Federal-Mogul President and CEO.
About
Federal-Mogul
Federal-Mogul
Corporation is
a
leading global supplier of powertrain and safety technologies, serving the
world’s foremost original equipment manufacturers of automotive, light
commercial, heavy-duty and off-highway vehicles, as well as in power generation,
aerospace, marine, rail, industrial, and the worldwide aftermarket. The
company’s leading technology and innovation, lean manufacturing expertise, as
well as marketing and distribution deliver world-class products, brands and
services with quality excellence at a competitive cost. Federal-Mogul is focused
on its sustainable global profitable growth strategy, creating value and
satisfaction for its customers, shareholders and employees. Federal-Mogul was
founded in Detroit in 1899. The company is headquartered in Southfield,
Michigan, and employs approximately 50,000 people in 35 countries. Visit the
company’s web site at www.federalmogul.com.
Forwarding
Looking Statements
Statements
contained in this press release, which are not historical fact, constitute,
"Forward-Looking Statements." Actual results may differ materially due to
numerous important factors that are described in Federal-Mogul's most recent
report to the SEC on Form 10-K, which may be revised or supplemented in
subsequent reports to the SEC on Forms 10-Q and 8-K. Such factors include,
among
others, the cost and timing
of
implementing restructuring actions, Federal Mogul’s ability to generate cost
savings or manufacturing efficiencies to offset or exceed contractually or
competitively required price reductions or price reductions to obtain new
business, conditions in the automotive industry, and certain global and regional
economic conditions. Federal-Mogul does not intend or assume any obligation
to
update any forward-looking statement to reflect events or circumstances after
the date of this press release.
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