Electronics Production | April 01, 2009
Delphi to sell global Suspension & Brakes Business
Delphi has made further progress with its portfolio transformation and has entered into an asset sale and purchase agreement with BeijingWest Industries for the sale of Delphi's remaining global suspension and brakes business.
As required under the U.S. Bankruptcy Code, Delphi expects to file a motion with the U.S. Bankruptcy Court for the Southern District of New York requesting a hearing on April 23, 2009, to approve bidding procedures, and a hearing on May 21, 2009, authorizing and approving the sale of assets. The final sale of the business is subject to court approval and other closing conditions. Delphi anticipates the sale closing during the fourth quarter of 2009. Under the sale and purchase agreement, BeijingWest Industries will acquire machinery and equipment, intellectual property and certain real property. Assignment and assumption of certain customer and supplier contracts will also transfer to BeijingWest Industries. Delphi will carefully manage the transition of the business, and the sale will be completed in coordination with Delphi's customers, employees, unions and other stakeholders. The business today is comprised of approximately 3,000 employees, primarily located in Poland, China, Mexico, France and the United States. As part of the company's transformation plan announced on March 31, 2006, Delphi identified its brakes and suspension business as non-core product lines that no longer fit into the Company's future strategic framework and could become more profitable and competitive as stand-alone businesses or as part of another organization with the working capital to invest in and support these businesses. Having previously concluded asset sales and business transfers with Bosch, Tenneco and TRW in North America, as well as asset sales and business transfers with SEVA in South America, this proposed sale represents further substantial progress towards the completion of Delphi's transformation plan announced three years ago.
iBeam nabs start-up grant for MicroLED technology The New Mexico Economic Development Department announced that iBeam Materials Inc. is a recipient of one of five business start-up grants to science and technology companies.
New and expanded SoCal HQ for Relativity Space Relativity Space has secured a 120,000 sq. ft. space in Long Beach, California, to serve as the company’s business operations headquarters and manufacturing facility of its 3D printed rocket, Terran 1, and Aeon launch engines.
Huawei targets France for first European production plant Huawei says that it will build a new wireless communications product factory in France. The highly automated factory will focus on 4G and 5G equipment, and will primarily manufacture supplies for European customers.
IMI’s 2019 results strained by the weak market environment Integrated Micro-Electronics, Inc. (IMI) achieved revenues of USD 1.3 billion in 2019, a 7% decline versus 2018.
North American PCB industry sales down 5.2% in January Total North American PCB shipments in January 2020 were down 5.2% compared to the same month last year.
Covid-19 forces Italian EMS to shut down plant Italian EMS provider MTA, a designer and manufacturer of electronic and electromechanical components for the automotive industry, has been forced to close its Codogno production plant following regulations set by the Italian Minister of Health.
Ericsson to close European offices amid virus outbreak The Swedish telecom company is shutting down three offices in three different European countries after one of its employees in Croatia tested positive for the novel Coronavirus.
Advanced Energy's manufacturing facility in Penang is operational Advanced Energy Industries expands its footprint with new facility in Penang, Malaysia to serve semiconductor and industrial customers.
FCA revs up support for the Motor City Fiat Chrysler Automobiles has released details on its planned expanded presence in Detroit, including the first new assembly plant within the city limits in almost three decades.
Apple issues revised ‘revenue guidance’ for March Apple has stated they do not expect to meet the previously announced revenue guidance for March quarter due to two factors associated with the COVID-19 global outbreak.
Lucid inks battery partnership with LG Chem Silicon Valley-based EV maker Lucid has finalized a partnership with LG Chem that will supply battery cells for standard versions of the Lucid Air through 2023.
Sono Motors to cooperate with Valoe on solar solutions Finnish technology company, Valoe Oyj, has signed a cooperation agreement with the Munich based Sono Motors GmbH to become a Technology Partner for the integrated solar components of the Sion, a Self-Charging electric car with solar integration.
Incap's 2019 revenues climbed 20% The Finnish EMS provider is entering its fiscal year 2020 on the back of a solid performance during 2019.
IPC survey: COVID-19 major cause of concern In a recent survey of electronics manufacturers and suppliers conducted between February 11-16, results released by IPC yesterday showed overwhelmingly that most “are concerned about the impacts COVID-19 will have on their business operations.”
Upgrades boost output for U.S. appliance maker GE Appliances has completed work on a USD 125 million factory upgrade to its refrigeration plant in Decatur, Alabama, which has included the installation of smart factory 4.0 technology.
TTM Technologies Inc. expands in Wisconsin TTM Technologies Inc. celebrated the grand opening of a new North American advanced technology center in Chippewa Falls.
Panasonic to exit US solar manufacturing Panasonic says it will begin to wind down U.S. production of photovoltaic cells and modules at Gigafactory New York in Buffalo, New York.
Techsil acquires adhesive supplier Glueline Adhesive and sealant supplier Techsil has announced that it has acquired Essex based adhesive stockist and distributor Glueline Ltd.
Neways 2019 turnover up while result is down While the company’s net turnover made positive developments during the business year 2019, Neways’ bottom line shows a sharp drop.
Jabil cuts outlook in wake of virus outbreak EMS provider Jabil expects that the COVID-19 outbreak will have a negative impact on the second quarter of fiscal year 2020, relative to the company's previously set guidance.
Umicore starts construction in Poland The company has held a groundbreaking ceremony for the construction of its new cathode materials production plant in Radzikowice in Nysa in south-western Poland.
Swedish EMS provider expands with Finnish acquisition Swedish EMS provider Inission has signed an agreement to acquire 100% ownership of the Finnish manufacturer HY-Tech Comp Oy (HY-Tech).
Silfab Solar expanding, adding jobs in Washington The Washington State Department of Commerce and Port of Bellingham have announced that Silfab Solar will be expanding its operations in Bellingham.Load more news