FRANKFURT -- U.S. automotive supplier Delphi has bought mg technologies' ignition systems business for 16 million euros ($19 million) in cash and pension obligations, it said on Wednesday.
The Dynamit Nobel AIS unit was the last of mg tech's Dynamit Nobel businesses after it disposed of the rest of the specialty chemicals division as part of a massive restructuring earlier this year.
Delphi paid 14.5 million euros in cash and took over pension obligations to make up the rest of the purchase price through its German subsidiary, Delphi Deutschland GmbH, it said in a statement.
"Dynamit Nobel AIS's high-precision components will play a key role in Delphi's future airbag systems and seatbelt technology and will expand our existing competencies," it said.
Delphi said Dynamit Nobel AIS made sales of around 40 million euros in 2003 and had 210 employees.