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Delphi Automotive PLC
Public limited company
Traded as NYSEDLPH
S&P 500 Component
Industry Automotive
Founded 1994
Headquarters Gillingham, Kent, UK[1]
Key people
Rajiv L. Gupta
(Chairman)
Kevin P. Clark
(President and CEO)
Products Vehicle electronics, systems, modules, & components
Revenue Increase US$ 17.023 billion (2014)[2]
Increase US$ 1.847 billion (2014)[2]
Increase US$ 1.440 billion (2014)[2]
Total assets Decrease US$ 10.746 billion (2014)[2]
Total equity Decrease US$ 3.013 billion (2014)[2]
Number of employees
161,000 (December 2013)
Website Delphi.com

Delphi Automotive PLC is an automotive parts manufacturing company headquartered in Gillingham, Kent, UK.[1] It is one of the world's largest automotive parts manufacturers and has approximately 161,000 employees.[3]

With offices worldwide, the company operates 126 wholly owned manufacturing sites, and 15 technical centers across 32 countries.

History[edit]

  • 1994: General Motors formed Automotive Components Group.
  • 1995: ACG was 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 became a fully independent publicly held corporation.
  • 2000: Delphi purchased UK based Lucas Diesel Systems from TRW Inc who purchased its parent LucasVarity plc in 1999.
  • 2001: 11,500 jobs were cut worldwide (Bischoff 1A).
  • 2002: Delphi Automotive Systems was renamed Delphi Corporation reflecting its diversified business direction.
  • 2004: Delphi was subpoenaed by the Securities & Exchange Commission (SEC) in July for irregular accounting practices and financial transactions.
  • 2005: Delphi disclosed irregular accounting practices. A number of executives, including CFO Alan Dawes, resign. Delphi Chairman J.T. Battenberg retires. Delphi files for Chapter 11 bankruptcy protection to reorganize its struggling U.S. operations. As a result of this action, the Securities and Exchange Commission granted an application by the New York Stock Exchange to delist Delphi's common stock and bonds.[4] The stock traded over the counter on the Pink Sheets electronic 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. Delphi proposes that these remaining plants will operate with wage reductions and workforce reductions.
  • February 2007: Delphi announced the closure of its plant in Puerto Real, Cádiz, Spain, with a loss of 1600 direct jobs and more than 2500 indirect jobs.[5] despite having agreed to continue its manufacturing operations until 2010 and receiving more than €25 million from various public administrations in order to guarantee its workers' jobs.[6] The Regional Government of Andalusia announced it would begin legal action against the company for breach of local labor laws.[7]
  • 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 York ruled 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.[8][clarification needed]
  • 6 October 2009: Delphi's core assets were purchased by a group of private investors to create a new Delphi Corporation. Some of its non-core steering operations have been sold to General Motors Company, the successor to the bankrupt Motors Liquidation Company that used to be the old General Motors Corporation. The stock was cancelled. The old Delphi Corporation was renamed DPH Holdings Corporation.[9]
  • 1 July 2015 Delphi announces the sale of their Thermal Business unit to Mahle-Behr GMBH. Together, the Mahle-Behr and Delphi Thermal merger now represents the 2nd largest supplier of automotive thermal management systems including interior HVAC components, under-hood powertrain cooling and compressors.[citation needed]
  • 11 December 2015 Delphi announces improvements to self driving technology under development.[10]

Chapter 11 reorganization[edit]

During the Chapter 11 cases, Delphi made substantial progress in identifying and implementing the sale (or receiving Bankruptcy Court approval to sell) or wind down of those facilities and business lines that do not support the company’s future strategic framework, including:

Operations[edit]

As of November 2015, Delphi has four diversified business segments:[2]

  • "Electrical/Electronic Architecture" provides complete vehicle electrical systems, integrating wiring and cable assemblies, electrical centers and connection systems.
  • "Electronics & Safety" provides components, systems and software for both passive and active safety, security, comfort and infotainment, as well as other vehicular electronic controls.
  • "Powertrain Systems" provides integrated gasoline and diesel engine management systems, including fuel handling, valve train fuel injection, combustion controls, electronics, and a complete line of aftermarket products and services.
  • "Product & Service Solutions" provides auto parts from OE divisions and OE competitors for the aftermarket.

Controversies[edit]

On 4 March 2005, Delphi said it had fired its CFO and would restate earnings between 1999, when Delphi spun off from General Motors Corp.(GM), and 2004 for improper reporting of rebates, credits, or other payments from suppliers.[20] In June, 2006, Delphi said in a filing that it would restate its 2005 report, which would increase Delphi's reported 2004 net loss by $65 million. In 2013, Delphi became involved in an ongoing lawsuit against GM, because it manufactures ignition switches for the Chevrolet Cobalt, whose original design is alleged to be defective.[21]

Joint ventures[edit]

  • EnerDel - started as a joint venture of Ener1 and Delphi. In August 2008, Ener1 bought exclusive ownership of EnerDel.[22]
  • Condumex - (A Grupo Carso division).

Senior management[edit]

On 4 November 2009, Delphi named a new board[23] with John A. Krol as the chairman. Kevin P. Clark has been the President and chief executive officer of the company[24] since March 2015.

Environmental record[edit]

Researchers at the University of Massachusetts Amherst identified Delphi corp. as the 21st-largest corporate producer of air pollution in the United States in 2002.[25] According to the study, the manufacturer's most toxic emissions included asbestos (542 lb/yr), chromium compounds (1,082 lb/yr), lead compounds (8,466 lb/yr), and sulfuric acid (17,600 lbs/year), while the most massive emissions were glycol ethers (111,520 lbs/year) and hydrochloric acid (80,000 lb/yr).[26]

References[edit]

  1. ^ a b "Addresses". Delphi. 31 January 2014. Retrieved 2 March 2014. 
  2. ^ a b c d e f "Year-End Financial Statements". Delphi. 4 February 2015. Retrieved 31 December 2015. 
  3. ^ "Delphi - Investor Relations - 2013 Form 10-K" (PDF). Retrieved 2 March 2014. 
  4. ^ "SEC delisting order". Sec.gov. Retrieved 15 April 2012. 
  5. ^ "Delphi to close Spain factory, cut jobs". BusinessWeek. 23 February 2007. 
  6. ^ "Closure of the Delphi undertaking in Puerto Real, Cádiz, Parliamentary question submitted by Willy Meyer Pleite MEP to the European Commission". 
  7. ^ "Zarrías dice que no permitirá que Delphi 'se ría de Andalucía'". Terra. 23 February 2007. 
  8. ^ "Judge allows Delphi to pursue claims against investors". Chicago Tribune. 29 July 2008. Retrieved 29 July 2008. 
  9. ^ "DPH Holdings Corporation". Kurtzman Carson Consultants LLC. Retrieved 30 March 2010. 
  10. ^ Gardner, Greg (11 December 2015). "Delphi's self-driving Audi SQ5 to showcase new features". Detroit Free Press. Retrieved 13 December 2015. 
  11. ^ "Delphi Signs Sale Agreement for Brake Hose Business; Files Motion to Request Hearing With the Bankruptcy Court" (Press release). Delphi. 29 January 2007. 
  12. ^ "Delphi Signs Agreement to Sell Mexican Brake Plant, Files Motion to Request Hearing With the Bankruptcy Court" (Press release). Delphi. 15 June 2007. 
  13. ^ "Delphi Completes Sale of U.S. Battery Plant to JCI" (Press release). 2 August 2006. 
  14. ^ "Delphi Completes Sale of Catalyst Business to Umicore" (Press release). Delphi. 1 October 2007. 
  15. ^ "Hephaestus Holdings, Inc. to acquire North American wheel bearings business from Delphi Corporation" (Press release). KPS Capital Partners. 21 February 2008. 
  16. ^ "Delphi Signs Master Sale Agreement for Interiors and Closures Business -- Files Motion to Request Hearing With the Bankruptcy Court" (Press release). Delphi. 16 October 2007. 
  17. ^ "Delphi Signs Asset Sale Agreement With TRW for Certain North American Brake Component Machining and Assembly Assets -- Files Motion to Request Hearing With the Bankruptcy Court" (Press release). Delphi. 18 September 2007. 
  18. ^ "New GM Subsidiaries will include Delphi Components Operations and Global Steering Business". Gm-trucks.com. 3 August 2009. Retrieved 15 April 2012. 
  19. ^ "Delphi Signs Agreement to Sell Global Suspension and Brakes Business; Company To File Motion Requesting Court Hearings To Approve Bidding Procedures and Authorize Sale of Assets" (Press release). Delphi. 31 March 2009. 
  20. ^ "Delphi CFO Resigns, to Restate Results". Fox News. 5 March 2005. 
  21. ^ Vlasic, Bill (28 March 2014). "An Engineer's Eureka Moment with a GM Flaw". The New York Times. 
  22. ^ http://www.ener1.com/?q=content/ener1 Furukawa Electric establishes J/V an automotive Wiring Harness with Delphi Corp in the US -history
  23. ^ "Delphi Names New Board" (Press release). Delphi. Retrieved 19 December 2009. 
  24. ^ "Delphi Senior Leadership" (Press release). Delphi. Retrieved 19 December 2009. 
  25. ^ "Political Economy Research Institute". Peri.umass.edu. Retrieved 15 April 2012. 
  26. ^ Toxic 100 detailed company report (Toxics Release Inventory)[dead link]

External links[edit]


Original courtesy of Wikipedia: http://en.wikipedia.org/wiki/Delphi_Automotive — Please support Wikipedia.
This page uses Creative Commons Licensed content from Wikipedia. A portion of the proceeds from advertising on Digplanet goes to supporting Wikipedia.

16385 news items

Motley Fool

Motley Fool
Sat, 06 Feb 2016 10:00:32 -0800

Delphi Automotive PLC (NYSE: DLPH) an automotive parts supplier, was also caught up in the downdraft. Was this warranted in light of it its own fourth-quarter results? Let's dig into the results, the difference between its GAAP and adjusted figures ...
 
Vanguard Tribune
Mon, 08 Feb 2016 10:56:15 -0800

Delphi Automotive plc (NYSE:DLPH) is amongst big buzzers in today's trading session, as it opened the day at 58.480 and was last recorded trading at 57.415. In the same session, the stock jumped to register high level of 59.220 while low was 57.350.

Business Wire (press release)

just-auto.com (registration)
Thu, 04 Feb 2016 06:37:30 -0800

Delphi has posted fourth quarter profit down 44.1% on currency movements and higher commodity costs, but the figures beat analyst estimates. Delphi's Q4 net income fell to US$192m from $344m a year earlier. However, the company generated earnings ...
 
News Oracle
Mon, 08 Feb 2016 06:26:15 -0800

Delphi Automotive PLC (DLPH), a leading global vehicle components manufacturer, on February 4reported fourth quarter 2015 U.S. GAAP earnings from continuing operations of $0.70 per diluted share. Excluding special items, fourth quarter earnings from ...

Automotive News

Automotive News
Thu, 04 Feb 2016 09:03:45 -0800

Automotive electronics and technology supplier Delphi Automotive's fourth-quarter net income fell 44 percent from the year-earlier period to $192 million despite revenue and other measures that topped expectations. Delphi said today its adjusted ...
 
Motley Fool
Thu, 14 Jan 2016 12:05:23 -0800

In a rare move, U.K.-based auto parts supplier Delphi Automotive (NYSE:DLPH) has increased its dividend. The company is to pay an annual rate of $1.16, which breaks down to $0.29 for each of its quarterly payouts. This amount is 16% higher than its ...

The Detroit News

The Detroit News
Tue, 12 Jan 2016 07:21:22 -0800

Delphi Automotive will raise its annual dividend to $1.16 from $1, representing a 16 percent increase. The automotive supplier based in the United Kingdom and with a significant presence in Troy, said Tuesday it also declared a quarterly dividend of 29 ...
 
Analyst Ratings
Fri, 05 Feb 2016 04:11:15 -0800

RBC Capital analyst Joseph Spak reiterated a Buy rating on Delphi Automotive (NYSE: DLPH) today and set a price target of $76. The company's shares closed yesterday at $62.23, close to its 52-week low of $57. Currently, the analyst consensus on Delphi ...
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