By Philip Nussel, Automotive News
Detroit, Michigan-New York industrialist Ira Rennert was named the leading bidder for Delphi Corp's interiors and closures business on 21 Feb.
Delphi, which is in the midst of selling non-core businesses as part of its Chapter 11 bankruptcy reorganisation, announced it agreed to a non-binding sales agreement for the $1300 million-a-year business with Rennert's company, Renco Group Inc.
This means in-depth negotiations with Rennert on the sale of the business will move ahead, but final terms will remain subject to approval by the US Bankruptcy Court and various creditors and constituencies in the case. Other bidders could emerge for the business as well.
Automotive News first reported Rennert´s interest in the business on 12 Feb.
Sources said Renco and Delphi managers also are jointly considering other acquisitions, including some assets of bankrupt automotive interiors maker Collins & Aikman Corp.
Delphi's interior and closures unit includes products such as instrument panels, consoles, cockpits, door modules and latch systems. The business serves a number of global auto manufacturers that includes plants in the US, Mexico, Austria, Germany, China and South Korea."