AUBURN HILLS, Mich. — Delphi has received approval from the U.S. Bankruptcy Court for the Southern District of New York to sell the assets of its global exhaust business to Bienes Turgon for $17 million, subject to adjustments. Bienes Turgon is a private investment firm based in Mexico.
"Delphi’s sale of its global exhaust business is a significant, meaningful step as the company progresses with ongoing corporate and divisional transformation plans," said Ron Pirtle, president, Delphi Powertrain Systems. "This move further refines our powertrain product portfolio to feature core, differentiated technologies in which Delphi possesses competitive advantages and for which customers are calling."
As previously announced, Delphi selected Bienes Turgon as the lead bidder and received court approval to proceed with the sale process for the global exhaust business.
Delphi said it will carefully manage the transition of the business, and the sale will be completed in coordination with Delphi’s customers, suppliers, employees, unions and other stakeholders. The transaction 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.
