Delphi Automotive plc (DLPH) agreed to sell its lower margin automotive heating and cooling business to German competitor Mahle GmbH for more than $700 million, the wall street Journal reported citing people familiar with the matter.
In addition, Delphi reached deal to sell its Shanghai Delphi Automotive Air-Conditioning System Co. to Mahle. The financial details weren't immediately clear. The deal for the China business likely will raise the total value, the report said.
The sale of Delphi's thermal systems operation, representing about $1.6 billion in annual sales, will include 13 manufacturing sites in eight countries employing about 6,700 full-time employees. Details of the sale could be announced as early as Thursday, the report said.
For comments and feedback contact: editorial@rttnews.com
Business News