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

ECP BOSS WARNS OF BLOCK EXEMPTION ‘EXISTENTIAL THREAT’

Andy Hamilton rails against VM ‘mini monopolies’ and demands that the UK government and the CMA take action in face of ‘abuse’ of the rules

Read More

PRA BOSS CALLS FOR FORECOURT ‘PINGDEMIC’ EXCLUSION

‘Forecourt workers are essential and should be exempt from self-isolation requirements if fully vaccinated’, say PRA

Read More

YORKSHIRE EXHAUST SPECIALISTS SAY ‘YES’ TO AAG BUYOUT

Leeds-based firm had been a UAN member and employed over 60 people

Read More

NEW TRADE COALITION FORMED TO FIGHT BLOCK EXEMPTION THREAT

AFCAR comprises of bosses from four major UK trade bodies

Read More

HALFORDS TO HIRE 700 TECHNICIANS

Chain hiring following a busy year for vehicle mobile servicing and pedal cycles

Read More

Go to comments

Your email address will not be published.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