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Delphi receives court approval to sell global exhaust business

ABR Staff Writer Published 23 December 2008

Delphi to sell its global exhaust business to Bienes Turgon for $17 million

Delphi, a provider of systems-based services to vehicle manufacturers, has received approval from the US 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.

 

As stated before, Delphi short-listed Bienes Turgon as the lead bidder and eventually received court approval to proceed with the sale process for its 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 all 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.

 

Ron Pirtle, president of Delphi Powertrain Systems, said: Delphi's sale of its global exhaust business is a significant, meaningful step as the company progresses with ongoing corporate and divisional transformation plans.