Delphi Corp. announced Tuesday that it has signed a non-binding term agreement with The Renco Group, Inc., for the sale of its interiors and closures business.
The sale of Delphi's interiors and closures business is subject to the approval of the U.S. Bankruptcy Court and other constituencies in the U.S. and abroad, and waiver of any "no sale" clause in any union collective bargaining agreements.
Delphi's interior and closures business includes products such as instrument panels, consoles, cockpits, door modules and latch systems. The business serves a number of Original Equipment Manufacturers (OEMs) through global operations in the U.S. Mexico, Austria, Germany, China and Korea and generates annual revenue of approximately $1.3 billion.
Details of the negotiations between Delphi and The Renco Group will remain confidential until a master sale and purchase agreement has been negotiated, signed and filed with the U.S. Bankruptcy Court.
