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BeijingWest acquires Delphi's business
By Jin Jing |
April 2, 2009, Thursday
|
Print Edition
Print Edition
DELPHI Corp, the world's leading auto parts supplier, has agreed to sell its global suspension and brakes business to China's BeijingWest Industrial Co.
United States-based Dephi, which filed for bankruptcy protection in October 2005, was targeted by several Chinese firms as it restructured its product portfolio to focus on its core business to be profitable.
Under the sale and purchase agreement, signed on Monday, BeijingWest will acquire machinery and equipment, intellectual property and certain property, Delphi said in a statement posted on its Website. Delphi has a plant and a technology center in Shanghai with more than 500 workers.
The transaction is also subject to approval from a US bankruptcy court.
Besides BeijingWest, media reports said a private Chinese auto parts supplier, Tianbao Group, and Beijing Automotive Industry Corp also approached Delphi seeking to buy the US company.
The purchase by BeijingWest is just one in a line of Chinese companies' acquisition spree of overseas assets during the global financial crisis which has hammered companies as they struggle with sales declines and losses.
BeijingWest, 51 percent owned by Beijing-based steel maker Shougang Group, earlier said it plans to build an auto parts production hub in Beijing amid the Chinese government's efforts to boost the city's vehicle industry.
Geely Automobile Holdings last week said it would buy a bankrupt Australian auto parts supplier Drivetrain System International.
United States-based Dephi, which filed for bankruptcy protection in October 2005, was targeted by several Chinese firms as it restructured its product portfolio to focus on its core business to be profitable.
Under the sale and purchase agreement, signed on Monday, BeijingWest will acquire machinery and equipment, intellectual property and certain property, Delphi said in a statement posted on its Website. Delphi has a plant and a technology center in Shanghai with more than 500 workers.
The transaction is also subject to approval from a US bankruptcy court.
Besides BeijingWest, media reports said a private Chinese auto parts supplier, Tianbao Group, and Beijing Automotive Industry Corp also approached Delphi seeking to buy the US company.
The purchase by BeijingWest is just one in a line of Chinese companies' acquisition spree of overseas assets during the global financial crisis which has hammered companies as they struggle with sales declines and losses.
BeijingWest, 51 percent owned by Beijing-based steel maker Shougang Group, earlier said it plans to build an auto parts production hub in Beijing amid the Chinese government's efforts to boost the city's vehicle industry.
Geely Automobile Holdings last week said it would buy a bankrupt Australian auto parts supplier Drivetrain System International.
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