LOS ANGELES -- Steering Solutions Corp., an affiliate of global M&A firm Platinum Equity, has been given approval by the U.S. Bankruptcy Court for the Southern District of New York to acquire Delphi's global steering and halfshaft business. The ruling clears the way for completion of the transaction as soon as all regulatory approvals have been received.

“We are very enthusiastic about completing this transaction and launching the steering and halfshaft business as a stand-alone company,” said Platinum Equity Partner Johnny Lopez.

“We had an entire team, including Platinum’s Chairman Tom Gores, working very hard over the past 18 months to understand this business, and to forge agreements with both Delphi management and the steering unit’s leadership team, led by Bob Remenar. Along the way, we cultivated strong relationships with the United Auto Workers and with General Motors, key constituents whose support is vital to the long-term success of the business.

“We’re now looking forward to completing the transaction and building on the rich heritage and solid foundation of this business,” Lopez said. “We have a lot of confidence that Bob Remenar and his team can build, with our support, a strong stand-alone business, dedicated to technology and the company’s diverse global customer base, with great potential for growth in the future.”

The sale includes all facets of the $2.7 billion global steering and halfshaft business, which produces electric and hydraulic steering systems, steering columns, halfshafts and constant velocity joints for original equipment manufacturers around the world.