Delphi Receives Court Approval to Sell Global Exhaust Business to Bienes Turgon
AUBURN HILLS, Mich. - Delphi Corporation (PINKSHEETS: DPHIQ) received approval from the U.S. Bankruptcy Court for the Southern District of New York for the sale of assets related to the company's global exhaust business to Bienes Turgon for $17 million (subject to adjustments), Delphi officials announced today.
"Delphi's sale of its global exhaust business is a significant, meaningful step as the company progresses with ongoing corporate and divisional transformation plans," said Ron Pirtle, president, Delphi Powertrain Systems. "This move further refines our powertrain product portfolio to feature core, differentiated technologies in which Delphi possesses competitive advantages and for which customers are calling."
As previously announced, Delphi selected Bienes Turgon as the lead bidder and received court approval to proceed with the sale process for the global exhaust business.
Delphi will carefully manage the transition of the business, and the sale will be completed in coordination with Delphi's customers, suppliers, employees, unions and other stakeholders. The transaction, which is subject to certain closing conditions, including completion of consultation procedures with certain unions and works councils, and completion of the closing documents, is expected to close during the first half of 2009.
Although the company is divesting its exhaust business, Delphi Powertrain continues to provide full engine management systems (EMS) - including air and fuel management, combustion and valvetrain technology - through its gas EMS product business unit.
More information about the sale is available at www.delphidocket.com.
About Delphi
Delphi is a leading global supplier of mobile electronics and transportation systems, including powertrain, safety, steering, thermal, and controls & security systems, electrical/electronic architecture, and in-car entertainment technologies. Engineered to meet and exceed the rigorous standards of the automotive industry, Delphi technology is also found in computing, communications, consumer accessories, energy and medical applications. Headquartered in Troy, Mich., Delphi has approximately 155,000 employees and operates 148 wholly owned manufacturing sites in 35 countries with sales of $22.3 billion in 2007. Delphi can be found on the Internet at www.delphi.com.
For more information contact:
Delphi
John Wray
john.wray@delphi.com
[1] 248.732.0614
