General Motors just announced it intends to exercise its option under the GM/Delphi Master Restructuring Agreement to acquire the Delphi global steering business. The deal includes employees, facilities, products, technical capability, and intellectual property.
Delphi would be a standalone business much as it is today and, at least in the near term, will be held in a wholly owned subsidiary of GM. A diverse customer base and the ability to self-fund the operations will be essential to the business' long-term future, the company said.
GM expects the transaction to be completed in the second quarter of 2009. Terms of … Read more