Delphi Finds Buyer For Auto Components and Fastener Businesses
Delphi Finds Buyer For Auto Components and Fastener Businesses
Jason Sandefur
Bankrupt Delphi Corp. agreed to sell its auto components and fastening systems businesses to private investment firm Renco Group for $106 million.
The Delphi businesses generate annual revenue of $1.3 billion, with manufacturing operations in Gadsden and Cottondale, AL; Kansas City, MO; and Orion and Adrian, MI. Other manufacturing sites are located in Mexico; Woerth, Germany; China; and South Korea.
Delphi notified the bankruptcy court, which set a hearing for October 25, 2007. Delphi proposed a November 26 deadline for other potential buyers to submit bids. If outbid, Renco would receive a break-up fee of about $2.4 million. A final sale hearing is scheduled for January 8, 2008.
Renco is best known as the owner of AM General, which manufactures Humvee and Hummer trucks, as part of a joint venture with MacAndrews & Forbes. Web: rencogroup.net �2007 FastenerNews.com
There are no comments at the moment, do you want to add one?
Write a comment