Delphi Technologies
 | |
| Industry | Automotive aftermarket |
|---|---|
| Fate | Brand name of PHINIA |
| Website | delphiautoparts |
Delphi Technologies was an independent automotive company from 2017 to 2020, when it was acquired by BorgWarner Inc. As of 5 July 2023, BorgWarner completed the spin-off of Delphi Technologies, Delco Remy, and Hartridge to a separate publicly traded company, PHINIA.
Delphi Technologies was formed in 2017 when Delphi Automotive, formerly a division of General Motors, 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.[1][2][3] It was added to the S&P MidCap 400 Index on 6 December 2017.[4]
The company provided combustion systems, electrification products and software and controls, and operated in the passenger car and commercial vehicle markets, and in vehicle repair through a global aftermarket network.[1] The company had 20,000 employees including 5,000 engineers.[when?] It was headquartered in London, U.K. and operates technical centers, manufacturing sites and customer support services in 24 countries.[1]
Upon the formation of Delphi Technologies, Liam Butterworth, head of the former Delphi Automotive's global powertrain business since 2014, was named CEO.[5] In October 2018, he left the company, and director and former Tenneco COO Hari Nair was named interim CEO.[6] On 7 January 2019 Richard Dauch was named new CEO.[7]
On 28 January 2020, BorgWarner Inc. agreed to buy Delphi Technologies in an all stock merger that valued Delphi at about $3.3 billion, Delphi stockholders would own about 16% of the combined company.[8] The deal was completed in October 2020.[9]
On 5 July 2023, BorgWarner Inc. completed the spin-off of Delphi Technologies, Delco Remy, and Hartridge into a separate public traded company, PHINIA.
References
[edit]- ^ a b c "Delphi Technologies completes spinoff into Powertrain and Aftermarket focused stand-alone company". Delphi Technologies website. 5 December 2017.
- ^ "Delphi Automotive Splits Into Two". Forbes.
- ^ "Detroit News: Delphi split aiming to reckon technology, value". Detroit News.
- ^ "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.
- ^ "CEO Butterworth: Delphi Tech is not old tech". AutoNews.
- ^ "Delphi Tech says CEO steps down, cuts full-year forecasts". Reuters.
- ^ "Delphi Tech names Richard Dauch as CEO". AutoNews. 7 January 2019.
- ^ Wack, Chris (28 January 2020). "BorgWarner to Buy Delphi Technologies in $3.3 Billion Deal". Wall Street Journal.
- ^ "BorgWarner completes $3.3 billion takeover of Delphi Technologies". freightwaves.com. 4 October 2020. Retrieved 5 October 2020.
External links
[edit]- Official website
- Business data for Delphi Technologies plc:
 | This article about an automotive industry corporation or company is a stub. You can help Wikipedia by expanding it. |
- Companies based in the City of Westminster
- Manufacturing companies based in London
- British brands
- Auto parts suppliers of the United Kingdom
- 2020 mergers and acquisitions
- Manufacturing companies established in 2017
- British companies established in 2017
- British subsidiaries of foreign companies
- BorgWarner
- Corporate spin-offs
- Companies formerly listed on the New York Stock Exchange
- Motor vehicle company stubs