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Delphi working toward sale of global steering and halfshaft business
By Caroline Salls
Pittsburgh, Feb. 1 - Delphi Corp. is working to finalize a master sale and purchase agreement with Platinum Equity, LLC regarding the sale of Delphi's global steering and halfshaft business, according to a company news release.
"Delphi intends to finalize negotiations with Platinum Equity and, upon successful completion of a master sale and purchase agreement, to submit Platinum Equity as the lead bidder in a bankruptcy court Section 363 sale process," Delphi vice president of treasury, mergers and acquisitions John Arle said in the release.
Details of the negotiations between Platinum Equity and Delphi will remain confidential until a purchase agreement is filed with the U.S. Bankruptcy Court for the Southern District of New York. In the United States, Platinum Equity and Delphi Steering management have already engaged in preliminary discussions with United Auto Workers leadership and plan to complete discussions with key stakeholders as soon as possible, according to the release.
"Delphi Steering is gaining tremendous momentum in the marketplace. We are securing new global business at record levels and attracting new customers. For the benefit of the business - and all who are associated with it - we are focused on moving through the sale process as quickly and efficiently as possible," Bob Remenar, chief executive officer of Delphi Steering, said in the release.
Platinum Equity said it plans to retain Remenar as CEO following the sale.
In 2006, the steering division achieved global business bookings of more than $3.4 billion, which the release said is the second-highest bookings year in the division's 100-year history.
In 2005, the division had global sales revenues of more than $2.6 billion.
Delphi, a Troy, Mich.-based automotive electronics manufacturer, filed for bankruptcy on Oct. 8, 2005. Its Chapter 11 case number is 05-44481.
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