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Subsidy Tracker Individual Entry

Company: Federal-Mogul (now owned by Icahn Enterprises)
Parent Company: Apollo Global Management
Subsidy Source: state
Location: Michigan
Project Description: retention of auto parts plants
Year: 2004
Major Industry of Parent: private equity (including portfolio companies)
Specific Industry of Parent: private equity (including portfolio companies)
Subsidy Value: $65,000,000
Subsidy Value in 2023 Dollars: $105,431,408
Program Name: Single Business Tax Incentive
Awarding Agency: Michigan Economic Development Corporation
Type of Subsidy: 
Number of Jobs or Training Slots: 790
Source of Data: The value of the subsidy package and the projected number of jobs to be retained at several plants in the state came from: "Tax Break Goes to Federal-Mogul," Grand Rapid Press, December 15, 2004.
Notes: The subsidy, along with $9 million in contract concessions by workers, was supposed to discourage the company from moving work to Mexico. Federal-Mogul shifted some work nonetheless. In 2009 the state allowed the company to keep its full tax break despite the reduced workforce. See "Federal Mogul Can Drop Jobs," Grand Rapid Press, July 22, 2009. Overlap with main Subsidy Tracker data: none.
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.