DELPHI TO SPIN-OFF POWERTRAIN DIVISION

OE supplier Delphi has announced that it is to spin-off its powertrain department into a separate independent and publically listed company.

Existing shareholders will automatically own shares in both companies in the plan, which is slated for completion in March 2018.

The need to put powertrain systems into a separate company has been attributed by Delphi to ‘megatrends’ – in other words the switch in developed countries away from diesel and to electrical systems, while in developing economies, the trend is for highly efficient, but very basic conventional systems.

Tim Manganello, Delphi

Kevin Clark, CEO said: ““At a time of unprecedented industry change, the underlying strength of both our operating businesses and strategic partnerships will allow each company to focus even more sharply on its unique opportunities, continue to develop the very best advanced technologies, and help our customers navigate the road ahead.”

Timothy Manganello, currently an independent Director on the Delphi Board, will become non-executive chairman of the new Powertrain company’s board of directors upon separation.

Kevin Clark, CEO, Delphi

Published by GregWhitaker

Editor of CAT Magazine and an experienced motoring journalist

NEXUS ‘VIRTUAL DAYS’ EVENT ATTRACTS 1,000 VISITORS

Online event declared a success by the buying group

Read More

CV FACTOR JOINS IAAF

New CV member for industry federation

Read More

IAAF INDUSTRY BRIEFING THIS THURSDAY

Final call for the latest instalment of ‘bitesize’ state of the industry session

Read More

DVSA STATEMENT: MOT TESTING IN WALES

Welsh test centres can remain open, test frequency unaffected

Read More

IAAF’s BLEASDALE WARNS INDUSTRY OVER BLOCK EXEMPTION REVIEW

Board member warns against complacency, calling the legislation ‘central to ensuring a level playing field in the automotive aftermarket’

Read More

Go to comments

Your email address will not be published. Required fields are marked *