By Rhoda Miel, Plastics News staff
Troy, Michigan - Delphi Corp.'s $1300 million (Yuan 9240 million) interiors and closures unit finally has stepped out on its own, debuting as Inteva Products llc on 3 March.
Financier Ira Rennert and his Renco Group Inc. began negotiating to buy the operation from Delphi in 2006 and has now completed the purchase.
The new Troy-based Inteva includes injection-moulding operations among its 17 plants spread across the US, Mexico, Germany, Austria, China and South Korea. The new company has 3800 employees and makes instrument panels, centre consoles, door panels and other interior parts.
Lon Offenbacher, who was the business line executive for the unit within Troy-based Delphi, is president and chief executive officer of Inteva.