Delphi Signs Memorandum of Understanding With UAW and General Motors
TROY, Mich. -- Delphi Corp. (PINKSHEETS: DPHIQ) announced today it reached a tentative agreement and signed a Memorandum of Understanding with the UAW and General Motors covering site plans, workforce transition as well as other comprehensive transformational issues. The agreement is subject to union ratification and approval by the U.S. Bankruptcy Court.
“If ratified, we believe this agreement will be a significant milestone in our transformation and a major step towards emergence,” said John Sheehan, Delphi’s chief restructuring officer. “The Memorandum is a testament to the dedication and hard work of the UAW, Delphi and General Motors teams.” Delphi will not provide commentary on the details of the Memorandum at the current time. For more information about Delphi, visit www.delphi.com.
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