Federal-Mogul Holdings Corp FDML opened sharply higher Wednesday after the company said it will spin off its auto parts unit. Shares in the Southfield, Michigan-based auto parts and power train supplier gained 2.3 percent Wednesday morning, trading at $17.65. The company said it will separate into two, publicly traded companies through a tax-free distribution of its Motorparts division to shareholders of Federal-Mogul. "By separating the Powertrain and Motorparts divisions of Federal-Mogul we are creating two independent, market-leading companies that will be among the largest and strongest in their respective peer groups globally," said activist investor and Federal-Mogul Chairman Carl Icahn. Icahn, who owns an 81 percent stake in the company, said "both businesses will be well-capitalized and poised for stand-alone success."