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© delphi (illustration purpose only) Components | May 04, 2017

Delphi to spin-off Powertrain segment

Delphi Automotive intents to execute a tax-free spin-off of its Powertrain Systems segment into a new, independent publicly traded company (Powertrain). The transaction is expected to be completed by March 2018.
Powertrain will focus on optimizing vehicle propulsion systems by enhancing environmental efficiency and vehicle performance. The company is a global supplier to original equipment manufacturers and aftermarket customers with 20'000 global employees, 5'000 engineers and revenues of approximately USD 4.5 billion in 2016.

Timothy Manganello, currently an independent Director on the Delphi Board, will become non-executive chairman of the new Powertrain company's board of directors upon separation. Manganello was most recently Chairman of the Board and Chief Executive Officer of BorgWarner, Inc. Liam Butterworth, currently senior vice president and president, Powertrain Systems, will become president and chief executive officer of the new entity.

"As a standalone business, Powertrain will be well positioned to pursue a focused global growth strategy while further enhancing its portfolio of advanced propulsion technologies, power electronics solutions and aftermarket business. Tim and Liam are talented, well-respected leaders with decades of experience in Powertrain businesses, longstanding customer relationships and proven track records in operations management, making them ideally qualified to lead Powertrain into the future and to create long-term value for all of its stakeholders," said Kevin Clark, president and chief executive officer.

The spin-off is expected to be completed by March 2018, subject to customary market, regulatory and other conditions. Powertrain intends to have its ordinary shares listed on the New York Stock Exchange.

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May 26 2017 9:38 AM V8.3.0-1