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News and Information about delphi

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Delphi wins contract to produce V2V communication device

Delphi Automotive PLC has won a contract with an unnamed customer to produce a vehicle-to-vehicle communication device capable of providing warning to drivers over possible accidents. Delphi said in a statement that it will start producing the wireless communications system – which is also capable of detecting signals from roadside infrastructure like stoplights, stop signs or speed limit signs -- in 2016.

Delphi Chief Technology Officer Jeff Owens, in a statement, called the ability to detect and warn to the driver of danger ahead as “a significant leap toward improving driver safety and traffic management.”

Theoretically, a vehicle-to-vehicle system has to dramatically reduce incidence of accidents, especially in intersections where vehicles are making left-hand turns. Vehicle-to-vehicle communication systems usually employ radio transponders that are capable of sending signals for some hundred yards.

Read the entire article Delphi wins contract to produce V2V communication device

Delphi in ‘exclusive talks’ on $958-million acquisition of Motorized Vehicles Division

Delphi Automotive Plc is in "exclusive talks" to take control of Motorized Vehicles Division, the electrical connectors manufacturing unit of FCI Group from Bain Capital, for around 764 million euro or $958 million, the company disclosed. Delphi, which is the former parts unit of General Motors Co., further stated that the acquisition of FCI Group's electrical connectors maker should add 24 cents per share to 2013 earnings.

This does not include acquisition-related costs. The Motorized Vehicles Division had revenue of 692 million euro. This entity will become part of Delphi's electrical and electronic architecture unit, which achieved $2.93 billion revenue in 2011. Delphi President and Chief Executive Officer Rodney O'Neal commented that the acquisition will "solidify" the position of the company as one of the premier worldwide automotive suppliers.

It will also generate momentous shareholder value, he said. In 2010, Delphi regained its profitability after reducing costs in bankruptcy and concentrating on the sale of selling fuel-injection systems, among other vehicle components in fast emerging markets including China.

Read the entire article Delphi in ‘exclusive talks’ on $958-million acquisition of Motorized Vehicles Division

Delphi says that a dividend may be paid either this year or the next

Delphi Automotive plc CFO Kevin Clark said that a dividend may be paid either this year or the next. Last November, the former parts unit of General Motors Co. held an initial public offering of stock. It’s now studying the possibility of paying a dividend by this year at the earliest. Clark was at New York City last Tuesday for an investor presentation.

Delphi, which emerged from bankruptcy in 2009, sold 24 million shares for $22 each in its IPO. Paulson & Co., which his headed by John Paulson Majority, got majority of the proceeds. It was in September 2005 when the former Delphi Corp. suspended its dividend. It filed for bankruptcy in October 2005.

Delphi became profitable once again in 2010 after reducing costs and concentrating on selling fuel-injection systems and other car parts in fast-growing countries like China. A regulatory filing said that the Asia-Pacific region made up $2.46 billion of the company’s $16 billion in sales last year. Delphi said that it anticipates earnings before interest, taxes, depreciation and amortization to be around 15% of sales by 2015, compared with 13.2% in 2011.

Read the entire article Delphi says that a dividend may be paid either this year or the next

Delphi raised $530 million in its initial public offering (IPO)

Delphi Automotive raised $530 million last Wednesday in its initial public offering, with its shares priced lower than its anticipated range. Bloomberg stated that Delphi Automotive, a former parts unit of General Motors Co., was able to sell 24 million shares for $22 each after they were offered for $22 to $24 each.

This Thursday, Delphi will start trading on the New York Stock Exchange under the symbol DLPH. With this price range, Delphi is valued at a discount compared to other auto parts makers in North America since majority of the proceeds went to Paulson & Co., the largest shareholder.

Delphi had initially cited a $1 billion IPO, with plans for these funds to be used in debt payments and working capital. The hedge fund led by billionaire John Paulson meant to sell over 80% of the shares in the IPO, as stated in Delphi's prospectus.

Read the entire article Delphi raised $530 million in its initial public offering (IPO)

Delphi Automotive Plc, formerly owned by General Motors Co., stated that its initial public offering was priced at $22-$24 a share, valuing the vehicle components brand at around $7.55 billion. The offering comes less than two years after the company exited bankruptcy.

The IPO would raise around $578 million at the midpoint of the projected price range, Delphi Automotive disclosed in a regulatory filing on Monday. The amount that it intended to raise is lower than the $1 billion it was originally targeting, an insider source informed Reuters last week.

Delphi Automotive further disclosed that the offering would consist of around 24.1 million shares from stockholders, including from hedge fund Paulson & Co, which is selling 20.6 million shares.

Read the entire article Delphi Automotive hopes to raise $578 million in an initial public offering (IPO)

Sources say that Delphi Automotive, the reorganized former parts unit of General Motors Co., intends to set the terms for its initial public offering. The sources also said that the pitch to investors will start next week. It’s believed that the supplier will be seeking $550 million in the IPO. A source said that it’s likely that the shares will be priced on Nov. 16 and that trading will start the following day.

It was also reported that Delphi hoped to raise over $1 billion. Delphi is proceeding with its IPO even as the global markets have yet to recover.

Last September, billionaire Wilbur Ross has decided to postpone the offering of his International Automotive Components Group until January at least. Delphi either canceled or delayed IPOs that amount to $8.9 billion in the third quarter and $34 billion for the first nine months.

Read the entire article Delphi to set terms for its initial public offering, aims to get $550 million

U.S. District Judge Avern Cohn in Detroit ordered Tuesday that J. T. Battenberg III, a former chief executive officer at Delphi Corp., has to pay $215,000 in penalty charges for violating U.S. securities laws by misrepresenting a $237 million payment to General Motors Co.

He also gave a $118,500 sanction against Paul Free, former top Delphi accountant. In January, a jury in Detroit found the men misrepresented the GM payment and found that Free committed wrong-doing in three other transactions in 2000 and 2001.

The U.S. Securities and Exchange Commission sued these executives in 2006. While the jury found that they had misrepresented the GM payment, it cleared them of claims that they committed fraud or helped Delphi violate securities laws in the transaction. In separate memoranda detailing his rationale for each assessment, Cohn explained that the remedies are for the court to decide.

Read the entire article Former Delphi CEO Battenberg must pay a $215,000 penalty for violating U.S. securities laws

Current economic indicators from May suggest that the auto industry is slowing down, making experts doubt whether Delphi Automotive LLP’s initial public offering is happening soon.

Delphi, which was previously a General Motors unit, had registered last month for an IPO to attempt to raise $1 billion. On May 25, Delphi submitted its registration statement to the U.S. Securities and Exchange Commission.

Delphi didn’t cite a specific timetable for this IPO. David Sowerby, the portfolio manager for Loomis, Sayles & Co., said that the market may have recovered but due to the economic hurdles right now, it would be more challenging to raise major capital.

Read the entire article Delphi IPO may not happen due to industry slowdown

As the U.S. auto industry is recovering from the economic crisis, Delphi Automotive is launching an initial public offering to raise up to $100 million. Auto parts supplier Delphi is formerly an affiliate of General Motors and remains to be a major supplier for the carmaker.

According to Delphi’s filing, the underwriters of the IPO include Goldman Sachs and JPMorgan Chase. Delphi plans for its shares to be listed under the symbol "DLPH."

The amount that Dephi intends to raise in the offering is preliminary and could still change. The filing also states that Delphi's board of directors, including Chief Executive Rodney O'Neal, is eligible to get a $275,000 award after the IPO under certain conditions.

Read the entire article Delphi Automotive files for IPO to raise up to $100 million

Delphi Automotive LLP has acquired the services of Goldman Sachs Group Inc. and JPMorgan Chase & Co. to manage an initial public offering that could raise more than $1 billion, according to a source.

Troy-based Delphi, which was formerly the largest auto-parts maker in the U.S., has also reportedly hired Bank of America Corp., Citigroup Inc., Barclays Plc and Deutsche Bank AG to be its underwriters. The offering is scheduled to take place in the third quarter.

Sources added that the filing may come next week and the IPO may put the value Delphi at around $10 billion. When Delphi exited bankruptcy restructuring in October 2009, it had four classes of shares.

Read the entire article Sources: Delphi Automotive ready for an initial public offering (IPO)

Federal auditors are trying to determine if the Obama administration pressured General Motors to give more funding for Delphi Corp.'s pension plan for hourly workers.

This audit is centered on GM's move after its 2009 bankruptcy to add to Pension Benefit Guaranty Corp. benefits for Delphi hourly workers but not offering them for salaried retirees.

Neil Barofsky, the special inspector general who oversees the $700 billion federal bailout of financial institutions and the auto sector, posted the audit recently in his quarterly report to Congress.

Read the entire article Federal auditors study if politics swayed GM decision on Dephi pension plan

In front of the 10-person jury in U.S. District Court in Detroit, the lead attorney of former Delphi Corp. CEO J.T. Battenberg III made closing arguments last Tuesday and asserted that his client has been miscast as a scheming executive who made a profit from alleged accounting misdeeds in 2000.

The Securities and Exchange Commission is accusing Battenberg of tricking investors in 2000 by improperly booking a large payment to General Motors and for signing allegedly fraudulent regulatory disclosures.

Battenberg's attorney, William Jeffress Jr., said that what Battenberg did was to take great care to guarantee proper accounting at Delphi. Jeffress said that accounting procedures used in 2000 that caught the ire of the SEC were vetted and approved by legal counsel inside and outside of Delphi.

Read the entire article Delphi CEO JT Battenberg III case goes to jury after 11-week trial

In former Delphi CEO J.T. Battenberg III’s recent testimony, he denies receiving a voicemail from its top lawyer in 2000 on concerns about how Delphi planned to report the details of a large payment to General Motors to investors.

In Battenberg’s civil fraud trial last month, Logan Robinson, Delphi’s general counsel at the time, told jurors that he left a voicemail warning his boss not to cover up details of a $237 million payment to GM that Delphi was about to make. The Securities and Exchange Commission’s case against Battenberg is based on how Delphi booked and disclosed that payment.

At the witness stand, Battenberg said that he typically gets up to 200 voicemails a week and that he doesn’t remember getting one that had contained this warning.

Read the entire article Former Delphi CEO testifies in fraud trial, denies receiving counsel’s warning

Former Delphi Corp. CEO J.T. Battenberg III is facing a civil securities-fraud case filed by Securities and Exchange Commission. Nicholas Difazio, General Motors' former outside auditor testified that, in 2000, Delphi management withheld documents from its accounting firm that might have raised red flags about how the Company booked a $237 million payment to GM.

The SEC says the money was to compensate GM for faulty parts. However, Delphi avoid an earnings hit by improperly booking it mostly as employee-benefit expenses and pension.

SEC attorneys recently showed Difazio, now a Deloitte & Touche partner, an itemized list of faulty parts totaling $240 million that Delphi owed GM at the time.

Read the entire article Report: Delphi withheld documents from its accounting firm

Nexteer Automotive is the new identity of Delphi Corp.'s Global Steering Division as General Motors Co. took over the business after Delphi emerged from four years of Chapter 11 bankruptcy protection.

Delphi Steering President Robert Remenar will continue to head the renamed Nexteer as it becomes a wholly owned GM subsidiary.

GM bought Delphi's global steering business and five Delphi plants in the United States whose hourly workforce is represented by the UAW.

Read the entire article GM takes over Delphi which becomes Nexteer Automotive