GILLINGHAM, England--(BUSINESS WIRE)--
Delphi Automotive PLC (NYSE: DLPH) has closed the sale of its wholly
owned thermal business to MAHLE Behr GmbH & Co. KG and certain of its
affiliates, it was announced today.
Terms of the sale are consistent with those announced on February 19,
2015. At that time, Delphi and MAHLE also signed a separate letter of
intent to sell Delphi’s stake in Shanghai Delphi Automotive
Air-Conditioning System Co., Ltd., which is expected to close in 2016.
“The sale of our wholly owned thermal business to MAHLE is a great
outcome for all involved,” said Kevin P. Clark, Delphi’s president and
chief executive officer. “MAHLE is a world leader in providing
automotive thermal systems and will now be positioned to provide even
more opportunities for its employees and more value to its customers in
what has been a very strong business. For Delphi, this transaction
strategically positions us to focus on the high-growth sectors of
Powertrain, Electronics & Safety and Electrical/Electronic Architecture,
addressing industry trends for safe, green and connected vehicles.”
Delphi’s Thermal division 2014 revenues were $1.6 billion, with
approximately 7,500 employees and 13 plants globally.
Barclays is serving as Delphi’s financial advisor and Latham & Watkins
LLP is serving as its legal counsel.
About Delphi
Delphi Automotive PLC (NYSE: DLPH) is a leading global technology
company for automotive and commercial vehicle markets
delivering solutions that help make vehicles safe, green and connected.
Headquartered in Gillingham, U.K., Delphi operates technical centers,
manufacturing sites and customer support services in 33 countries. Visit www.delphi.com.
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Source: Delphi Automotive PLC