Business Services Industry
Set to unload software: sale by Federal-Mogul could involve Kmart.
Crain's Detroit Business, April, 1996 by Sherefkin, Robert
Federal-Mogul Corp. is negotiating to sell proprietary software to a major retailer - possibly Kmart Corp. - in return for an opportunity to offer its auto parts through the chain's stores. Federal-Mogul Chairman and Chief Executive Dennis Gormley said he was approached about the business-management software by a retailer 15 times the size of his $2 billion Federal-Mogul (NYSE: FMO) - a size akin to that of the Troy-based retail giant.
"We are clearly not in the software business," Gormley told shareholders during the company's annual meeting last week at its Southfield headquarters. "But we are exploring the request of this retailer in return for the opportunity to offer our entire product line through their establishments." A decision is imminent on the software...
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