Delphi agrees to sell interiors and closures business to Renco

New York, Feb. 20 - Delphi Corp. said it signed a non-binding term sheet with Renco Group, Inc. to sell its interiors and closures business.

Renco will now carry out due diligence, including consultations with customers and unions, aimed at the development and execution of a master sale and purchase agreement.

The sale will also be subject to approval by the U.S. Bankruptcy Court for the Southern District of New York and the waiver of the no sale clause in any union collective bargaining agreements.

The business makes products such as instrument panels, consoles, cockpits, door modules and latch systems and has annual revenue of $1.3 billion.

Delphi said terms will not be disclosed until a master sale and purchase agreement has been negotiated, signed and filed with the bankruptcy court.

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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