Delphi Selling Catalyst Business To Umicore
Wed, 06/06/2007 - 7:00am
TROY, Mich. (AP) - Delphi Corp. announced on Wednesday that it is selling its automotive catalyst business to Belgian metals firm Umicore for $55.6 million (euro41.1 million). Delphi had previously decided to sell that business unit as part of its restructuring program.
Delphi requested a bankruptcy hearing for August 16 to approve the sale, which would follow a June 26 hearing to set procedures for spinning off the business.
The sale is expected to close in the third quarter. Umicore will acquire manufacturing facilities in Tulsa, Oklahoma; Florange, France; and Port Elizabeth, South Africa as part of the deal. It will also hire ''certain employees'' of the catalyst business from Delphi.