TROY, Mich. (AP) — Auto parts supplier Delphi Corp. said Tuesday it has agreed to sell its global interiors and closures businesses to a New York-based private investment company in a deal that could be completed early next year.
The interiors and closures business includes products such as instrument panels, consoles, door modules and latch systems. Troy-based Delphi says the business has annual revenues of about $1.3 billion (euro0.92 billion) and has manufacturing facilities in the U.S., Germany, Mexico, China and Korea.
Delphi, which has been operating under bankruptcy protection for two years, signed a nonbinding agreement to sell the business to The Renco Group Inc. last February but recently completed a master sale and purchase agreement. Delphi said the agreement has been approved by its board of directors. Terms of the sale are confidential.
Delphi, which is the former parts division of General Motors Corp., expects to emerge from bankruptcy reorganization early next year.
Delphi asked the U.S. Bankruptcy Court in New York to hold a hearing on bidding procedures on Oct. 25. The company said it anticipates a final sale hearing will be held Jan. 8.
The Renco Group, which formed in 1986, primarily has acquired metal and commodity-related businesses, including mining companies. It also has purchased AM General LLC, which makes Humvee military vehicles and civilian Hummers.