- Delphi (auto parts)
company_name = Delphi Corp.
company_type = Public Pinksheets|DPHIQ
foundation = 1997 in
Troy, Michigan, USA
location = flagicon|USA
Troy, Michigan, USA
key_people = Rodney O'Neal,CEO, COO
Robert S. Miller,Chairman
Robert J. Dellinger,CFO
products = vehicle electronics, systems, modules, & components
revenue = loss
US$22.3 Billion (2007)
num_employees = 169,500
slogan = "Driving Tomorrow's Technology"
homepage = [http://www.delphi.com Delphi.com]
Delphi is an
automotive partscompany headquartered in Troy, Michigan, USA. Delphi is one of the world's largest automotive parts manufacturers and has approximately 169,500 employees (50,000 in the United States).
With offices worldwide, the company operates 156 wholly owned manufacturing sites, 44
joint ventures, 53 customer centers and sales offices, and 33 technical centers in 38 countries.
*1994: General Motors forms Automotive Components Group.
*1995: ACG is renamed Delphi Automotive Systems.
*1997: GM and Hughes Electronics Corporation spin-off of Hughes Defense electronics business and transfer Delco Electronics from Hughes to Delphi.
*1999: Delphi Automotive Systems becomes fully independent publicly held corporation.
*2001: 11,500 jobs were cut worldwide(Bischoff 1A).
*2002: Delphi Automotive Systems is renamed Delphi Corporation reflecting its diversified business direction.
*2004: Delphi is subpoenaed by the Securities & Exchange Commission (SEC) in July for irregular accounting practices and financial transactions.
*2005: Delphi discloses irregular accounting practices. A number of executives, including CFO Alan Dawes, resign. Delphi Chairman J.T. Battenberg III retires. Delphi files for
Chapter 11 bankruptcyprotection to reorganize its struggling U.S. operations. As a result of this action, the Securities and Exchange Commissiongranted an application by the New York Stock Exchangeto delist Delphi's common stockand bonds. [ [http://www.sec.gov/rules/delist/34-52770.htm SEC delisting order] ] The stock now trades over the counter on the Pink Sheetselectronic exchange.
*2005: Twenty-four plants closed down in the U.S.
*2006: Delphi announced it would sell off or close 21 of its 29 plants in the
United States. The eight plants it intends to keep are located in Brookhaven, Mississippi; Clinton, Mississippi; Grand Rapids, Michigan; Kokomo, Indiana; Lockport, New York; Rochester, New York; Warren, Ohio; and Vandalia, Ohio, though even these plants will endure wage cuts and suffer workforce reductions.
Corporate structure and leadership
Delphi is structured into the following groups:
*Aftermarket & Dealer Products
The company is focusing the organization on the following core strategicproduct lines:
• Controls & Security (Body Security, Mechatronics, and Displays);
• Electrical/Electronic Architecture (Electrical/Electronic Distribution Systems, ConnectionSystems, and Electrical Centers);
• "Entertainment & Communications" (Audio, Navigation, and Telematics);
• Powertrain (Diesel and Gasoline Engine Management Systems);
• Safety (Occupant Protection and Safety Electronics); and
• Thermal (Climate Control & Powertrain Cooling).
Chapter 11 Reorganization
During the Chapter 11 cases, Delphi has made substantial progress in identifying andimplementing the sale (or receiving Bankruptcy Court approval to sell) or wind down of those facilitiesand business lines that do not support the company’s future strategic framework, including:
• The sale of the brake hose manufacturing business in
Dayton, Ohioto Harco Manufacturing Group, announced in January 2007. [ [http://investor.delphi.com/phoenix.zhtml?c=105758&p=irol-newsArticle&ID=955068&highlight= Delphi - Investor Relations - Press Releases ] ]
• The settlement of a social plan in the "Concurso," or Spanish insolvency proceeding, ofDelphi Automotive Systems Espana S.L.
• The sale of the Mexican brake components business, including a manufacturing plant in
Saltillo, Coahuila, Mexico, to Robert Bosch LLC and its affiliate Frenados Mexicanos, S.A. de C.V., announced in June 2007. [ [http://investor.delphi.com/phoenix.zhtml?c=105758&p=irol-newsArticle&ID=1015919&highlight= Delphi - Investor Relations - Press Releases ] ]
• The sale of substantially all of the assets of MobileAria, Inc. to Wireless Matrix USA, Inc.;
• The sale of the U.S. Battery operations in
New Brunswick, New Jerseyto Johnson Controls, Inc. in 2006. [ [http://delphidocket.com/documents/0544481/0544481060807000000000002.pdf Microsoft Word - XNR-2006-08-02 New Brunswick Announcement.doc ] ]
• The wind-down of a Delphi Medical
Texasfacility in Houston, Texas
• The consolidation of fuel injector production in
Rochester, New Yorkduring 2006-2007,which allowed the Debtors to wind down a manufacturing facility in Coopersville, Michigan
• The sale of the
catalystbusiness to Umicore Group, completed in October, 2007. [ [http://investor.delphi.com/phoenix.zhtml?c=105758&p=irol-newsArticle&ID=1056962&highlight= Delphi - Investor Relations - Press Releases ] ]
• The sale of the
Wheel bearings business based in Sandusky, Ohioto Kyklos, Inc., which is a wholly owned subsidiary of Hephaestus Holdings, Inc., in February 2008. [ [http://www.kpsfund.com/newsandpressreleases/press2008-02-21.asp KPS Capital Partners, LP - Press Release ] ]
• The sale of the Global Steering and Halfshaft Business to Steering Solutions Corporation, a wholly owned subsidiary of
Platinum Equity, LLC, announced in December 2007. The Steering business was based in Saginaw, Michigan, and was formerly known as the Saginaw Steering Division of General Motors. [ [http://investor.delphi.com/phoenix.zhtml?c=105758&p=irol-newsArticle&ID=1085982&highlight= Delphi - Investor Relations - Press Releases ] ]
• The sale of the Interiors and Closures business was announced in October, 2007, to
The Renco Group. This includes facilities in: Gadsden, Alabama, Cottondale, Alabama, North Kansas City, Missouri, Orion, Michigan, Adrian, Michigan, Woerth, Germany, Matamoros, Mexico, the SDADS Joint Venture in Shanghai, Chinaand the KDS Joint Venture in Daegu, South Korea. [ [http://investor.delphi.com/phoenix.zhtml?c=105758&p=irol-newsArticle&ID=1063547&highlight= Delphi - Investor Relations - Press Releases ] ]
• The sale of certain North American Brake Component Machining and Assembly Assets to
TRW Automotive Holdings, which includes sites in Saginaw, Michigan, Springhill, Tennessee, and Oshawa, Canada, announced in September 2007. [ [http://investor.delphi.com/phoenix.zhtml?c=105758&p=irol-newsArticle&ID=1052717&highlight= Delphi - Investor Relations - Press Releases ] ]
• The company will continue with its stated plans to sell or wind-down additional non-core product lines and manufacturing sites through 2008.
Current members of the
board of directorsof Delphi are: Martin E. Welch, John H. Walker, Craig G. Naylor, Raymond J. Milchovich, David N. Farr, John D. Englar, Robert H. Brust, Oscar De Paula Bernardes Neto, John D. Opie, Rodney O'Neal, and Robert S. Miller(chairman).
Rodney O'Neal is also the
chief executive officerof the company (since January 1, 2007), replacing Robert S. "Steve" Miller.
• The investment bank, Rothschild, Inc., is currently advising Delphi in its Chapter 11 restructuring
Researchers at the
University of Massachusetts Amherstidentified Delphi corp. as the 21st-largest corporate producer of air pollutionin the United States in 2002. [ [http://www.peri.umass.edu/Toxic-100-Table.265.0.html Political Economy Research Institute] ] According to the study, the manufacturer's most toxic emissions include asbestos(542 lb/yr), chromiumcompounds (1,082 lb/yr), leadcompounds (8,466 lb/yr), and sulfuric acid(17,600 lbs/year), while the most massive emissions are glycol ethers(111,520 lbs/year) and hydrochloric acid(80,000 lb/yr). [ [http://www.rtknet.org/new/tox100/toxic100.php?company1=6833&chemfac=chem&advbasic=bas Toxic 100 detailed company report (Toxics Release Inventory)] ]
In February 2007 the multinational Delphi Automotive Systems Holding Inc. announced the closure of its plant in
Puerto Real, Cádiz, Spain, with a loss of 1600 direct jobs and more than 2500 indirect jobs. [ [http://www.businessweek.com/ap/financialnews/D8NFFVOG1.htm "Delphi to close Spain factory, cut jobs"] , BusinessWeek, February 23, 2007] despite having agreed to continue its manufacturing operations until 2010 and receiving more than EUR 25 million from various public administrations in order to guarantee its workers' jobs. [ [http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//TEXT+WQ+E-2007-1112+0+DOC+XML+V0//EN&language=EN "Closure of the Delphi undertaking in Puerto Real, Cádiz"] , Parliamentary question submitted by Willy Meyer Pleite MEP to the European Commission]
Andalusian autonomous government announced it would begin legal action against the company for breach of local labor laws. [ [http://actualidad.terra.es/nacional/articulo/zarrias_delphi_andalucia_1414298.htm "Zarrías dice que no permitirá que Delphi 'se ría de Andalucía'"] , Terra.es, February 23, 2007]
October 8, 2005Delphi filed for bankruptcy due to the lack of money to pay the employees. Slowly, cutting jobs and shutting down many plants around the Dayton area and nationally (Roberson). The increased competition between the U.S. and other countries in the automobile industry has been a factor in Delphi’s bankruptcy (Wehrman D1). Due to the economic slump, all but five of the plants in the Dayton area have closed.
In May 2008, Delphi filed a lawsuit against investors. The lawsuit seeks to impose payment by investors in the amount of $2.55 billion in securities to aid Delphi as it seeks to come out of
bankruptcy. U.S. Bankruptcy Judge Robert Drain in New Yorkruled to allow Delphi to seek payments through a contract against Appaloosa Management LP as well as denying investors' request for a cap of $250 million for damages. [cite news | url=http://www.chicagotribune.com/business/chi-tue-brf4-delphi-suit-jul29,0,7303546.story | title="Judge allows Delphi to pursue claims against investors" | publisher=Chicago Tribune | date=2008-07-29 | accessdate=2008-07-29]
Delphi is a major player in the
XM Satellite Radioand GPSmarket. Among their most widely recognized (and advertised) products are:
**NAV200 ("portable GPS")
**TNR800 ("in-dash GPS")
**MyFi ("portable XM")
**Myfi 2 ("3rd generation of XM2go")
**Roady 2 ("XM")
**Roady XT ("XM")
**Roady XT 2 ("XM")
*XM Signal Repeater
Delphi designs, engineers and manufactures a wide variety of components, integrated systems and modules on a worldwide basis, and is the largest and most diversified supplier of automotive parts. In January 2000 Delphi acquired the diesel systems business of Lucas TRW, making Delphi the world's second largest manufacturer of Diesel Fuel Injection equipment. Delphi Diesel owns the brands of CAV/Simms/RotoDiesel and Condiesel, the division also runs 10
subsidiarydistribution companies in Brazil, China, France, Germany, Italy, Spain, Mexico, Turkey, UK and USA. The diesel aftermarket company is headquartered in Warwick UK.
Delphi also manufactures the
MagneRide magneto rheological dampers, which use magnetorheological fluidto adjust the damping rate of the shock absorbers based on road conditions, to offer an effective compromise between ride and handling [ [http://delphi.com/manufacturers/auto/other/ride/magneride/ "Delphi MagneRide"] Delphi Website ] . These can be found on the Audi R8[ [http://delphi.com/news/pressReleases/pressReleases_2006/pr_2006_11_30_001/ "Audi R8 Features Delphi's Revolutionary MagneRide Semi-Active Suspension"] Delphi Press Release ] , Audi TT, Chevrolet Corvette C5, Cadillac Seville STS, Ferrari 599and select E Series HSV cars in Australia.
* [http://delphi.com/ Delphi website]
* [http://www.sec.gov/litigation/litreleases/2006/lr19891.htm SEC Litigation Release]
* [http://www.slate.com/id/2127863/ Slate article on bankruptcy]
* [http://www.delphidocket.com/ Website concerning Delphi's ongoing bankruptcy case]
* [http://www.delphi.com/consumers_nvo/nvo/aec/mpa/ Delphi Monsoon Premium Audio] for automobiles
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