KETTERING, Ohio (AP) — Tenneco Inc. has agreed to buy some assets and inventory from Delphi Inc.'s suspension plant and lease part of it, the Illinois-based auto-parts maker announced Monday.
Tenneco said it plans to pay $10 million for parts in the plant's inventory and $9 million for certain machinery and equipment. It said it has entered into a long-term agreement to supply General Motors Corp. with parts from the plant in this Dayton suburb.
Tenneco spokeswoman Roni Moore said the company plans to provide jobs to current Delphi employees, but couldn't say how many.
About 390 hourly Delphi employees currently work at the plant, which makes suspension systems and parts.
Delphi, an auto-parts supplier based in Troy, Mich., is trying to emerge from Chapter 11 bankruptcy protection.
The closing of the deal with Tenneco, based in Lake Forest, Ill., is subject to certain closing conditions, including approval by the bankruptcy court, Tenneco said.
