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Delphi Technologies

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Delphi Technologies
Company typePublic limited company
NYSE: DLPH
IndustryComputer Programming Services Edit this on Wikidata
FateAcquired by BorgWarner
ParentBorgWarner (84%)
Websitedelphi.com

Delphi was a part of General Motors and was spun off as an independent company on May 31, 1999.[1] General Motors sold $3.8 billion worth of preferred shares in Delphi.[2] While this separated Delphi from GM, they were still in a way connected at the hip as Delphi still provided parts to GM products.

This separation was not smooth as while no longer part of General Motors, the now independent company brought with it the high labor costs and pensions that it had while part of General Motors.[3] It lost $4.8 billion in 2004 and nearly $750 million in the first half of 2005 leading to its bankruptcy.[4] Delphi exited bankruptcy 2009.[5]

On 5 December 2017 Delphi Automotive renamed itself Aptiv and spun off its powertrain and aftermarket related businesses to a stand-alone company Delphi Technologies PLC. The $4.5 billion company began trading under the former Delphi Automotive symbol DLPH on the New York Stock Exchange.[6][7][8] It was added to the S&P MidCap 400 Index on 6 December 2017.[9]

The company provides combustion systems, electrification products and software and controls, and operates in the passenger car and commercial vehicle markets, and in vehicle repair through a global aftermarket network.[6] The company has 20,000 employees including 5,000 engineers. It is headquartered in London, U.K. and operates technical centers, manufacturing sites and customer support services in 24 countries.[6]

Upon the formation of Delphi Technologies, Liam Butterworth, head of the former Delphi Automotive's global powertrain business since 2014, was named CEO.[10] In October 2018, he left the company, and director and former Tenneco COO Hari Nair was named interim CEO.[11] On 7 January 2019 Richard Dauch was named new CEO.[12]

On 28 January 2020, BorgWarner Inc. agreed to buy Delphi Technologies to buy 84% stake that values Delphi at about $3.3 billion.[13] The deal was completed in October 2020.[14]

References

  1. ^ https://money.cnn.com/1999/05/31/companies/gm/
  2. ^ https://www.forbes.com/sites/joannmuller/2011/03/31/gms-divorce-from-delphi-is-final/?sh=5c67ea767983
  3. ^ https://www.cbsnews.com/news/gm-to-spin-off-delphi-parts-unit/
  4. ^ https://www.cbsnews.com/news/delphi-files-for-bankruptcy/
  5. ^ https://www.reuters.com/article/us-delphi-idUSTRE59566120091006
  6. ^ a b c "Delphi Technologies completes spinoff into Powertrain and Aftermarket focused stand-alone company". Delphi Technologies website. Dec 5, 2017.
  7. ^ "Delphi Automotive Splits Into Two". Forbes.
  8. ^ "Detroit News: Delphi split aiming to reckon technology, value". Detroit News.
  9. ^ "Delphi Technologies Set to Join S&P MidCap 400 and Frontier Communications to Join S&P SmallCap 600" (PDF). US: SPICE Indices. 28 November 2017. Retrieved 28 November 2017.
  10. ^ "CEO Butterworth: Delphi Tech is not old tech". AutoNews.
  11. ^ "Delphi Tech says CEO steps down, cuts full-year forecasts". Reuters.
  12. ^ "Delphi Tech names Richard Dauch as CEO". AutoNews.
  13. ^ "BorgWarner to Buy Delphi Technologies in $3.3 Billion Deal". Wall Street Journal.
  14. ^ "BorgWarner completes $3.3 billion takeover of Delphi Technologies". freightwaves.com. 2020-10-04. Retrieved 2020-10-05.
  • Official website
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