 | |
| Company type | Public limited company |
|---|---|
| NYSE: DLPH | |
| Industry | Computer Programming Services
 |
| Fate | Acquired by BorgWarner |
| Parent | BorgWarner (84%) |
| Website |
delphi |
Delphi Technologies was an independent automotive company from 2017 to 2020, when it was acquired by BorgWarner Inc.
Delphi Technologies was formed in 2017 when Delphi Automotive, formerly a division of General Motors, renamed itself Aptiv and spun off its powertrain and aftermarket related businesses to a stand-alone company Delphi Technologies PLC. The $4.5 billion company began trading under the former Delphi Automotive symbol DLPH on the New York Stock Exchange. [1] [2] [3] It was added to the S&P MidCap 400 Index on 6 December 2017. [4]
The company provided combustion systems, electrification products and software and controls, and operated in the passenger car and commercial vehicle markets, and in vehicle repair through a global aftermarket network. [1] The company had 20,000 employees including 5,000 engineers.[ when?] It was headquartered in London, U.K. and operates technical centers, manufacturing sites and customer support services in 24 countries. [1]
Upon the formation of Delphi Technologies, Liam Butterworth, head of the former Delphi Automotive's global powertrain business since 2014, was named CEO. [5] In October 2018, he left the company, and director and former Tenneco COO Hari Nair was named interim CEO. [6] On 7 January 2019 Richard Dauch was named new CEO. [7]
On 28 January 2020, BorgWarner Inc. agreed to buy Delphi Technologies in an all stock merger that valued Delphi at about $3.3 billion, Delphi stockholders would own about 16% of the combined company. [8] The deal was completed in October 2020. [9]
References
- ^ a b c "Delphi Technologies completes spinoff into Powertrain and Aftermarket focused stand-alone company". Delphi Technologies website. 5 December 2017.
- ^ "Delphi Automotive Splits Into Two". Forbes.
- ^ "Detroit News: Delphi split aiming to reckon technology, value". Detroit News.
- ^ "Delphi Technologies Set to Join S&P MidCap 400 and Frontier Communications to Join S&P SmallCap 600" (PDF). US: SPICE Indices. 28 November 2017. Retrieved 28 November 2017.
- ^ "CEO Butterworth: Delphi Tech is not old tech". AutoNews.
- ^ "Delphi Tech says CEO steps down, cuts full-year forecasts". Reuters.
- ^ "Delphi Tech names Richard Dauch as CEO". AutoNews. 7 January 2019.
- ^ Wack, Chris (28 January 2020). "BorgWarner to Buy Delphi Technologies in $3.3 Billion Deal". Wall Street Journal.
- ^ "BorgWarner completes $3.3 billion takeover of Delphi Technologies". freightwaves.com. 4 October 2020. Retrieved 5 October 2020.
External links
- Official website
- Business data for Delphi Technologies plc:
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- Companies based in the City of Westminster
- Manufacturing companies based in London
- British brands
- Auto parts suppliers of the United Kingdom
- 2020 mergers and acquisitions
- Manufacturing companies established in 2017
- British companies established in 2017
- British subsidiaries of foreign companies
- BorgWarner
- Corporate spin-offs
- Companies formerly listed on the New York Stock Exchange
- Motor vehicle company stubs