Delphi completes wheel bearings business sale

By Caroline Salls

Pittsburgh, April 30 - Delphi Corp. has completed the $18.7 million sale of substantially all of the non-cash assets of its wheel bearings business to Kyklos Bearing International, Inc., according to a news release.

Kyklos is the indirect wholly owned subsidiary of KPS portfolio company Hephaestus Holdings, Inc.

As previously reported, the U.S. Bankruptcy Court for the Southern District of New York approved the sale on March 19.

Specifically, Kyklos acquired substantially all of the bearings business' inventory, intellectual property and machinery and equipment, including Delphi's manufacturing and engineering facility located in Sandusky, Ohio.

Kyklos said it has hired substantially all of the bearings business employees and has assumed all of the customer and supplier contracts.

"HHI has now completed three successful acquisitions since its creation by KPS in September 2005, and the company has also achieved significant organic growth and customer diversification," KPS managing partner Michael G. Psaros said in the release.

"HHI is well capitalized, with access to significant additional capital, and we welcome inquiries from potential sellers of forging businesses, assets or product lines that contain large forging value content."

Delphi is a Troy, Mich., based automotive electronics manufacturer that filed for bankruptcy protection on Oct. 8, 2005. Its Chapter 11 case number is 05-44481.

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