Allan Welsh, former chief executive of T&N’s bearings division, this week refused to comment on reports that he is leading a Glacier Vandervell businesses management buyout.
Welsh is chief executive of the Glacier Vandervell businesses of the bearings division, a post he took up just after the £1.5bn takeover of T&N by Federal-Mogul earlier this year.
Welsh is said to be interested in buying the Glacier Vandervell concerns. They provide the bulk of the bearings division’s annual £350m sales, with operations in the UK, mainland Europe and the US.
Venture capital companies Cinven and CVC Capital Partners, which are said to be part financing the buyout, refused to comment.
Federal-Mogul spokeswoman Kimberley Welch said the Michigan-based group was ‘actively considering several bids’ for the thin-wall bearing businesses, but she declined to reveal who the bidders were.
The US Federal Trade Commission has ruled that the businesses must be sold before it can clear Federal-Mogul’s acquisition of T&N.
Welsh is well acquainted with all of T&N’s bearings operations, having been responsible for the rationalisation and integration of its worldwide operations from 1991-96.
Glacier Vendervell designs and produces bearings for automotive engines and components, as well as general industrial applications. It is a major supplier to the US and European motor industries.