Media outlets have reported this week that General Motors is in talks with its former, spun-off parts business Delphi Corp. to potentially buy back its steering business. The business, based in Saginaw, Mich., employs 7,730 around the world.
The move, expected to be officially announced this week, has been described as a stabilizing strategy for both GM and Delphi, which has been under bankruptcy protection since 2005.
According to a report in the Detroit Free Press, Los Angeles private equity fund Platinum Equity LLC had been pursuing an acquisition of Delphi’s steering division. That deal is now expected to be called off.
