NEW YORK (AP) -- Auto parts supplier Autoliv Inc. said Thursday it would acquire the Asia-based passenger safety operations of Delphi Automotive LLP.
Stockholm-based Autoliv said the purchase includes intellectual property and physical assets located in Korea and China.
Auto sales in Asia, especially China, are booming and companies are positioning themselves to move into the market.
The operations acquired by Autoliv employ 600 workers and is expected to generate $250 million in annualized sales in 2010, the company said.
Delphi, which supplies parts mostly for Detroit automakers, emerged from a multiyear stay in Chapter 11 protection in early October.
A transaction price was not disclosed. Customers include Korean automakers Hyundai and Kia, China's Chery and India's Tata. The sale is expected to close March 31.
Shares of Autoliv fell 74 cents, or 1.8 percent, to $40.60 in afternoon trading.
