LIVONIA, Mich. (AP) — TRW Automotive Holdings Corp. said Tuesday that one of its subsidiaries agreed to buy part of Delphi Corp.'s North American brake component machining and module assembly assets.
TRW also agreed to acquire production inventory, lease part of Delphi's brake manufacturing facility in Saginaw, Mich. for at least five years and to employ the active hourly workers at the leased site, the companies said.
Delphi did not disclose specific financial terms, but said the purchase costs are not expected to be material.
The deal is subject to bankruptcy court approval and other conditions, including a customer supply agreement, TRW said.
TRW expects to complete all necessary agreements by the end of the fourth quarter.
Troy, Mich.-based Delphi, the former parts division of General Motors Corp., filed for bankruptcy protection in 2005.