Federal-Mogul Corp. (Nasdaq: FDML) is evaluating strategic alternatives and brought in Lazard to help with the process. Federal-Mogul is a supplier of powertrain and safety technologies used in automotive, agricultural, industrial, marine and other vehicles. The Southfield, Mich.-based company swung to net income of $161 million for 2010 from a loss of $45 million generated a year earlier. Federal-Mogul attributed the increase to improved sales and cost structure management. Its net sales climbed to $6.2 billion from $5.3 billion.
Grubb & Ellis Co. plans to explore the sale or merger of the company as it evaluates strategic alternatives. The Santa Ana, Calif.-based real estate services and investment firm hired JMP Securities as a strategic adviser to help it through the process. Grubb & Ellis has more than 100 company owned and affiliate offices worldwide. For 2010, Grubb & Ellis’s revenue rose to $575.5 million from $527.9 million a year earlier, aided by a 36 percent increase in transaction services revenue.
Bluegreen Corp. will evaluate the possible sale of the Boca Raton, Fla.-based concern. The review is one of the alternatives the timeshare sales, marketing and resort management company is looking as part of its strategic alternatives review. Bluegreen has master-planned residential communities in the Southwestern and Southeastern regions of the United States. It hired Algon Group to assist with the process. Algon is leading an advisory team that includes both REH Capital Partners LLC and Label & Co.
Wescast Industries Inc. plans to review business alternatives and Canaccord Genuity Corp. will serve as an adviser. Wescast said, “The process is being undertaken in the context of recent events including the recovery in the auto sector and the company’s recent program wins with key customers.” For the year ended Jan. 2, the Canadian-based supplier of cast exhaust manifolds used in vehicles swung to net earnings of C$16.8 million ($17.4 million) from a loss of C$22 million posted a year earlier. The 2010 results include a C$13 million reversal of the valuation allowance against Wescast’s U.S. future income tax assets.