Delphi Completes Sale Of Catalyst Business To Umicore
Release date: October 1, 2007
Delphi Corporation (PINKSHEETS: DPHIQ) and certain of its affiliates (collectively, "Delphi") have completed the sale of the company's original equipment and aftermarket catalyst business to Umicore for approximately $66 million, subject to post-closing adjustments, Delphi officials announced today.
As previously announced, on June 6, 2007, Delphi selected Umicore as the lead bidder, and received bankruptcy court approval on June 26, 2007, to proceed with the competitive bidding process for the sale of the catalyst business. On August 8, 2007, in accordance with bidding procedures approved by the bankruptcy court, Delphi conducted an auction and selected Umicore as the successful bidder. On August 16, 2007, Delphi received approval from the bankruptcy court to proceed with the sale of assets related to the catalyst business to Umicore.
Although the company has sold its catalyst business, it will continue to provide full engine management systems (EMS), including air and fuel management, combustion and valvetrain technology, and exhaust systems technology through its gas EMS product business unit.
More information about the sale is available at www.delphidocket.com.