Delphi sale to US firm gets closer

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STONEHOUSE car part manufacturer Delphi’s sale to Borgwarner has moved closer.

The $3.3billion purchase of the Gloucestershire-based company was announced by American company Borgwarner in January.

The deal has moved a step further after a the American company announced a private exchange offer.

They also announced related consent solicitation with respect to Delphi’s outstanding senior notes.

Delphi currently employs around 890 staff in the county, out of a total of 2,000 across the

UK. Originally part of Delphi Technologies, the company provides combustion systems in the passenger and commercial vehicle markets with more than 100 years of automotive experience in 24 countries.

Delphi technologists are pioneers in propulsion systems and after market solutions, working with customers to make combustion, hybrid and electric vehicles more efficient and better to drive.

Frederic Lissalde, President and CEO of Borgwarner, said when the deal was announced in January: “This exciting transaction represents the next step in Borgwarner’s balanced propulsion strategy, strengthening our position in electrified propulsion as well as our combustion, commercial vehicle and aftermarket businesses.

“Delphi Technologies will bring proven leading power electronics technologies, talent and scale that will complement our hybrid and electric vehicle propulsion offerings. As a combined company, we look forward to delivering enhanced solutions to our customers while driving increased value for our stockholders.”