Delphi To Sell Brakes Biz To Chinese Co. For $100M

Law360, New York (March 31, 2009, 12:00 AM EDT) -- Bankrupt auto parts supplier Delphi Corp. has agreed to sell its remaining global suspension and brakes business to China's BeijingWest Industries Co. Ltd. in a $100 million deal, Delphi announced Tuesday.

The $100 million agreement represents China's most high-profile acquisition yet in the U.S. auto industry, according to the Detroit Free Press. The Chinese government will have a 25 percent stake in the businesses, while Chinese auto supplier Tempo Group will acquire a 24 percent stake and China's Capital Iron & Steel Co. will purchase a...
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