Delphi, the largest US auto parts supplier, has accelerated the sale of company assets to strengthen its cash flow. On May 12, the company announced the sale of the OPS member protection system of the security business unit. Beijing Delphi Automotive Safety Products Co., Ltd. is also on the list of sales. This move means that Delphi has begun the first step in divesting its core assets.
According to an informed person close to the company, the Shanghai Securities News revealed that when the company entered bankruptcy protection, the electronics, wiring harness, power and other departments were regarded as the company’s most core assets and were never sold. Delphi's China R&D center has also provided several production platforms for Chery Automobile to supply complete passenger protection systems (OPS) and integrated navigation systems.
According to the source, Delphi's Beijing-based joint venture plant, Beijing Delphi Automotive Safety Products Co., Ltd., was also included in the sales list, and South Korea's Munmak plant is also in the process of selling the product. Potential buyers come from Sweden, China and Japan. The sale price has not been disclosed.
If these sales plans are realized soon, it will affect the production of Delphi's technical center in Shanghai and the Suzhou plant.
The person familiar with the matter said that Beijing Delphi Automotive Safety Products Co., Ltd., which is planned to sell, is a 51:49 joint venture established by Delphi and Beijing Hainachuan Auto Parts Co., Ltd., and Beijing Hainachuan is part of the Beijing Automotive Group. The company started work in October 2007 and realized operating income of US$9.4 million in 2008. It is predicted that it is expected to achieve revenue of US$10 million in 2009. The partner BAIC is one of the most likely buyers of the assets of the Beijing Delphi joint venture.
The buyer of the OPS member protection system may be Autoliv, the world's leading manufacturer of automotive safety systems (Autoliv). Last year, the president of Delphi, who was in charge of security, had met with Autoliv. Autolif suffered a loss of $6,400 in the first quarter, but due to significant savings, this performance has been better than the company's previous expectations. Another possible potential acquirer is Japan's automotive safety system supplier TK Holdings (Takata Corporation Group).
"The only thing that will be decided in the near future will be the parts and components division of hybrid electric vehicles," the source said.
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