Delphi, Strattec Strike $7.8M Deal For Division

Law360, New York (May 28, 2008, 12:00 AM EDT) -- Delphi Corp. will unload more assets as part of its Chapter 11 plan, with a group led by Strattec Security Corp. agreeing to purchase equipment and inventory from the auto parts maker's Power Products division in a $7.8 million deal.

Strattec announced the definitive agreement Tuesday, saying it would acquire the division's North American business, while Germany's Witte Automotive would acquire the European segment and Vehicle Access Systems Technology LLC, a joint venture among Strattec, Witte and ADAC Automotive Inc., would get the Asian business....
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