Business First of Buffalo - by Thomas Hartley
Chinese manufacturer Beijing Automotive Industry Co. is seeking to buy U.S. auto parts maker Delphi Corp.’s non-core assets, a Chinese business newspaper reported.
According to Reuters news service, the Wednesday report in 21th Century Business Herald said a government-backed consortium — whose members include Beijing Auto and several private-sector parts suppliers — are in talks with Delphi to buy its assets, including brake system and suspension businesses.
Delphi’s Lockport operation, Delphi Thermal Systems, was described as a core business after Delphi filed for Chapter 11 bankruptcy protection in October 2005 and apparently is not included in the reported discussions.
The local plant, which has 2,100 employees, makes heating, ventilation and air conditioning components and systems.
Michigan-based Delphi declined to comment on specific negotiations but said in a statement Wednesday that it continues “to have discussions with potential purchasers for the remaining portions of our non-core businesses in order to complete the portfolio transformation announced in 2006.
“We have not announced any definitive agreements,” the statement said.
Source: http://buffalo.bizjournals.com/buffalo/stories/2009/03/16/daily30.html?t=printable ------------
expect a bunch more job losses from the domino effect if this happens.
