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Delphi (auto parts)

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Delphi (auto parts)

Delphi Automotive PLC
Public limited company
Traded as S&P 500 Component
Industry Automotive
Founded 1994
Headquarters Troy, Michigan, United States[1]
Key people John A. Krol
(Chairman)
Rodney O'Neal
(President and CEO)
Products Vehicle electronics, systems, modules, & components
Revenue Increase US$ 16.041 billion (2011)[2]
Operating income Increase US$ 940 million (2010)[2]
Net income Increase US$ 631 million (2010)[2]
Total assets Increase US$ 11.082 billion (2010)[2]
Total equity Increase US$ 6.099 billion (2010)[2]
Employees 146,600 (December 2010)
Website Delphi.com

Delphi Automotive PLC is an American multinational automotive parts manufacturing company headquartered in Troy, Michigan, United States.[1] It is one of the world's largest automotive parts manufacturers and has approximately 146,600 employees, of whom around 18,900 are in the United States.[3]

With offices worldwide, the company operates 150 wholly owned manufacturing sites, 44 joint ventures, 53 customer centers and sales offices, and 33 technical centers across 38 countries.

History

  • 1994: General Motors formed Automotive Components Group.
  • 1995: ACG was renamed Delphi Automotive Systems.
  • 1997: GM and Hughes Electronics Corporation spin-off of Hughes Defense electronics business and transfer Delco Electronics from Hughes to Delphi.
  • 1999: Delphi Automotive Systems became a fully independent publicly held corporation.
  • 2000: Delphi purchased UK based Lucas Diesel Systems from TRW Inc who purchased its parent LucasVarity plc in 1999.
  • 2001: 11,500 jobs were cut worldwide (Bischoff 1A).
  • 2002: Delphi Automotive Systems was renamed Delphi Corporation reflecting its diversified business direction.
  • 2004: Delphi was subpoenaed by the Securities & Exchange Commission (SEC) in July for irregular accounting practices and financial transactions.
  • 2005: Delphi disclosed irregular accounting practices. A number of executives, including CFO Alan Dawes, resign. Delphi Chairman J.T. Battenberg retires. Delphi files for Chapter 11 bankruptcy protection to reorganize its struggling U.S. operations. As a result of this action, the Securities and Exchange Commission granted an application by the New York Stock Exchange to delist Delphi's common stock and bonds.[4] The stock traded over the counter on the Pink Sheets electronic exchange.
  • 2005: Twenty-four plants closed down in the U.S.
  • 2006: Delphi announced it would sell off or close 21 of its 29 plants in the United States. The eight plants it intends to keep are located in Brookhaven, Mississippi; Clinton, Mississippi; Grand Rapids, Michigan; Kokomo, Indiana; Lockport, New York; Rochester, New York; Warren, Ohio; and Vandalia, Ohio. Delphi proposes that these remaining plants will operate with wage reductions and workforce reductions.
  • February 2007: Delphi announced the closure of its plant in Puerto Real, Cádiz, Spain, with a loss of 1600 direct jobs and more than 2500 indirect jobs.[5] despite having agreed to continue its manufacturing operations until 2010 and receiving more than €25 million from various public administrations in order to guarantee its workers' jobs.[6] The Andalusian autonomous government announced it would begin legal action against the company for breach of local labor laws.[7]
  • May 2008: Delphi filed a lawsuit against investors. The lawsuit seeks to impose payment by investors in the amount of $2.55 billion in securities to aid Delphi as it seeks to come out of bankruptcy. U.S. Bankruptcy Judge Robert Drain in New York ruled to allow Delphi to seek payments through a contract against Appaloosa Management LP as well as denying investors' request for a cap of $250 million for damages.[8]
  • 6 October 2009: Delphi's core assets were purchased by a group of private investors to create a new Delphi Corporation. Some of its non-core steering operations have been sold to General Motors Company, the successor to the bankrupt Motors Liquidation Company that used to be the old General Motors Corporation. The stock was cancelled. The old Delphi Corporation was renamed DPH Holdings Corporation.[9]

Chapter 11 reorganization

During the Chapter 11 cases, Delphi has made substantial progress in identifying and implementing the sale (or receiving Bankruptcy Court approval to sell) or wind down of those facilities and business lines that do not support the company’s future strategic framework, including:

  • The sale of the brake hose manufacturing business in Dayton, Ohio to Harco Manufacturing Group, announced in January 2007.[10]
  • The settlement of a social plan in the "Concurso," or Spanish insolvency proceeding, of Delphi Automotive Systems Espana S.L.
  • The sale of the Mexican brake components business, including a manufacturing plant in Saltillo, Coahuila, Mexico, to Robert Bosch LLC and its affiliate Frenados Mexicanos, S.A. de C.V., announced in June 2007.[11]
  • The sale of substantially all of the assets of MobileAria, Inc. to Wireless Matrix USA, Inc.;
  • The sale of the U.S. Battery operations in New Brunswick, New Jersey to Johnson Controls, Inc. in 2006.[12]
  • The wind-down of a Delphi Medical Texas facility in Houston, Texas
  • The consolidation of fuel injector production in Rochester, New York during 2006-2007, which allowed the Debtors to wind down a manufacturing facility in Coopersville, Michigan
  • The sale of the catalyst business to Umicore Group, completed in October, 2007.[13]
  • The sale of the Wheel bearings business based in Sandusky, Ohio to Kyklos, Inc., which is a wholly owned subsidiary of Hephaestus Holdings, Inc., in February 2008.[14]
  • The sale of the Global Steering and Halfshaft Business to Steering Solutions Corporation, a wholly owned subsidiary of Platinum Equity, LLC, announced in December 2007. The Steering business was based in Saginaw, Michigan, and was formerly known as the Saginaw Steering Division of General Motors.[15]
  • The sale of the Interiors and Closures business was announced in October, 2007, to Renco Group. This includes facilities in: Gadsden, Alabama, Cottondale, Alabama, North Kansas City, Missouri, Orion, Michigan, Adrian, Michigan, Woerth, France, Matamoros, Mexico, the SDADS Joint Venture in Shanghai, China and the KDS Joint Venture in Daegu, South Korea.[16]
  • The sale of certain North American Brake Component Machining and Assembly Assets to TRW Automotive Holdings, which includes sites in Saginaw, Michigan, Spring Hill, Tennessee, and Oshawa, Canada, announced in September 2007.[17]
  • The company will continue with its stated plans to sell or wind-down additional non-core product lines and manufacturing sites through 2008.
  • The sale of various components and steering operations to the new General Motors Company was announced on 3 August 2009. Delphi Thermal Systems, Powertrain, Powertrain Systems Grand Rapids, and Electronics and Safety became part of GM Components Holdings LLC, a subsidiary of GM. Delphi Steering, two regional engineering centers, and 15 manufacturing locations in Mexico, Brazil, Europe, India, China, and Australia became part of GM Global Steering Holdings LLC, also a subsidiary of GM.[18]
  • Sale of global suspension and brakes business ("Global Ride Dynamics") to BeijingWest announced 31 March 2009.[19] BWI Group commenced 1 November 2009.

Operations

Delphi is structured into the following groups:

  • Consumer Products
  • Manufacturer Products
  • Aftermarket & Dealer Products

The company is focusing the organization on the following core strategic product lines:

  • Controls & Security (Body Security, Mechatronics, and Displays)
  • Electrical/Electronic Architecture (Electrical/Electronic Distribution Systems, Connection Systems, and Electrical Centers)
  • Entertainment & Communications (Audio, Navigation, and Telematics)
  • Powertrain (Diesel and Gasoline Engine Management Systems)
  • Safety (Occupant Protection and Safety Electronics)
  • Thermal (Climate Control & Powertrain Cooling)

Controversies

On March 4, 2005, Delphi said it had fired its CFO and would restate earnings between 1999 - when Delphi spun off from General Motors Corp.(GM) - and 2004 for improper reporting of rebates, credits, or other payments from suppliers.[20] In June, 2006, Delphi said in a filing that it would restate its 2005 report, which would increase Delphi's reported 2004 net loss by $65 million.

Joint ventures

  • EnerDel - started as a joint venture of Ener1 and Delphi. In August 2008, Ener1 bought exclusive ownership of EnerDel.[21]
  • Condumex - (A Grupo Carso division).

Senior management

On 4 November 2009 Delphi named a new board.[22] John A. Krol is the chairman of the new board.

Rodney O'Neal is the President and chief executive officer of the company[23] (since 1 January 2007), replacing Robert S. "Steve" Miller.

For the list of Delphi Senior Managers see Delphi Senior Leadership.

References

External links

  • Delphi website
  • SEC Litigation Release
  • Slate article on bankruptcy
  • DPH Holdings Corporation, the website for the old Delphi Corporation which now concerns its bankruptcy case.
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