Delphi Realigns Compressor Joint Ventures
Company Sells Shares to Calsonic Kansei in Japan JV, Buys Shares in Hungary JV
TROY, Mich. — As part of its restructuring efforts to reduce its compressor business cost structure and strengthen its global footprint, Delphi Corp. (PINKSHEETS: DPHIQ) today announced that it has realigned its share holdings in two compressor joint ventures with Japan-based Calsonic Kansei Corporation.
Delphi purchased the remaining 10 percent venture shares from Calsonic Kansei Europe PLC. in Delphi Calsonic Hungary Ltd., and sold its remaining 49 percent shares in its Japan-based venture, Calsonic Harrison Co., Ltd. to Calsonic Kansei. The dissolution of the two joint ventures will help the company to become more focused and cost competitive on a global basis.
“We have enjoyed a long-running relationship with Calsonic Kansei, which has allowed us to provide customers with the very best advanced solutions for their compressor needs,” said Ron Pirtle, Delphi Thermal Systems President. “Delphi has recently expanded its compressor footprint in Mexico and has a planned plant opening in China this year. This expansion, coupled with today’s announcement of our Hungary plant, well positions Delphi to serve the needs of the local markets and meet increasing customer demand.”
The Hungary-based venture is located in Balassagyarmat and manufactures compact variable compressors (CVC). Customers, suppliers, employees and other parties associated with the plant will not be impacted by the share purchase.
Delphi formed its first joint venture with Calsonic Kansei in Japan in 1986 and created its joint venture in Hungary in 1999. For more information on Delphi, please visit www.delphi.com.
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