Platinum Equity was notified today that its affiliate, Steering
Solutions Corp., has been approved by the U.S. Bankruptcy Court for
the Southern District of New York as the acquirer of Delphi
Corporation´s (PINK SHEETS:DPHIQ), global steering and halfshaft
business. The ruling clears the way for completion of the transaction
as soon as all regulatory approvals have been received.
"We are very enthusiastic about completing this transaction and
launching the steering and halfshaft business as a standalone
company," said Platinum Equity Partner Johnny O. Lopez.
"We had an entire team, including Platinum´s Chairman Tom Gores,
working very hard over the past 18 months to understand this business,
and to forge agreements with both Delphi management and the steering
unit´s leadership team, led by Bob Remenar," Mr. Lopez said. "Along
the way, we cultivated strong relationships with the United Auto
Workers and with General Motors, key constituents whose support is
vital to the long-term success of the business.
"We´re now looking forward to completing the transaction and
building on the rich heritage and solid foundation of this business,"
Mr. Lopez said. "We have a lot of confidence that Bob Remenar and his
team can build, with our support, a strong standalone business,
dedicated to technology and the company´s diverse global customer
base, with great potential for growth in the future."
The sale includes all facets of the $2.7 billion global steering
and halfshaft business, which produces electric and hydraulic steering
systems, steering columns, halfshafts and constant velocity joints for
original equipment manufacturers around the world. More information on
this final sale approval and the court filing is available at
www.delphidocket.com.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O(R) firm
specializing in the merger, acquisition and operation of companies
that provide services and solutions to customers in a broad range of
business markets, including information technology,
telecommunications, logistics, metals services, manufacturing and
distribution. Since its founding in 1995 by Tom Gores, Platinum Equity
has acquired more than 80 businesses with more than $23 billion in
aggregate annual revenue at the time of acquisition.
