"In the last decade, trust was lost by a company that prioritized financial engineering over all else," says PGI CEO Anan Bishara. "Our philosophy is different."
Posts tagged as “First Brands Group”
Transaction includes production lines for oil, air and cabin air filters, an R&D center, inventory assets, machinery and equipment, and will reinstate nearly 300 jobs.
Acquisition includes First Brands Group key IP assets associated with filters, wipers, and spark plugs strengthening PGI's position across automotive maintenance categories.
The company’s remaining business units continue to operate while it assesses pathways to transition them to new ownership.
The sale process is intended to accelerate the transition to new ownership and the company’s emergence from chapter 11 cases.
Financing will ensure the company has capital necessary to maintain operations and meet its commitments to customers, employees and partners.
First Brands' chapter 11 filing could be reflective of further things to come that may cause pain for a range of market participants.
