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by | Mar 16, 2018 | Hosta

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Delphi Technologies was an independent automotive company from 2017 to 2020, when it was acquired by BorgWarner Inc.

Delphi Technologies was formed in 2017 when Delphi Automotive, formerly a division of General Motors, renamed itself Aptiv and spun off its powertrain and aftermarket related businesses to a stand-alone company Delphi Technologies PLC. The $4.5 billion company began trading under the former Delphi Automotive symbol DLPH on the New York Stock Exchange.[1][2][3] It was added to the S&P MidCap 400 Index on 6 December 2017.[4]

The company provided combustion systems, electrification products and software and controls, and operated in the passenger car and commercial vehicle markets, and in vehicle repair through a global aftermarket network.[1] The company had 20,000 employees including 5,000 engineers.[when?] It was headquartered in London, U.K. and operates technical centers, manufacturing sites and customer support services in 24 countries.[1]

Upon the formation of Delphi Technologies, Liam Butterworth, head of the former Delphi Automotive's global powertrain business since 2014, was named CEO.[5] In October 2018, he left the company, and director and former Tenneco COO Hari Nair was named interim CEO.[6] On 7 January 2019 Richard Dauch was named new CEO.[7]

On 28 January 2020, BorgWarner Inc. agreed to buy Delphi Technologies in an all stock merger that valued Delphi at about $3.3 billion, Delphi stockholders would own about 16% of the combined company.[8] The deal was completed in October 2020.[9]

References

  1. ^ a b c "Delphi Technologies completes spinoff into Powertrain and Aftermarket focused stand-alone company". Delphi Technologies website. 5 December 2017.
  2. ^ "Delphi Automotive Splits Into Two". Forbes.
  3. ^ "Detroit News: Delphi split aiming to reckon technology, value". Detroit News.
  4. ^ "Delphi Technologies Set to Join S&P MidCap 400 and Frontier Communications to Join S&P SmallCap 600" (PDF). US: SPICE Indices. 28 November 2017. Retrieved 28 November 2017.
  5. ^ "CEO Butterworth: Delphi Tech is not old tech". AutoNews.
  6. ^ "Delphi Tech says CEO steps down, cuts full-year forecasts". Reuters.
  7. ^ "Delphi Tech names Richard Dauch as CEO". AutoNews. 7 January 2019.
  8. ^ Wack, Chris (28 January 2020). "BorgWarner to Buy Delphi Technologies in $3.3 Billion Deal". Wall Street Journal.
  9. ^ "BorgWarner completes $3.3 billion takeover of Delphi Technologies". freightwaves.com. 4 October 2020. Retrieved 5 October 2020.

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