Delphi Corp. is looking to Europe for growth -- in satellite radio sales. The giant parts maker said last week it is investing in a Spanish company that plans to launch a subscription satellite radio service in Europe by the end of the decade.
Delphi, of Troy, Mich., wouldn't discuss terms of its investment in Ondas Media SA. But Delphi executives believe that Europe, with 500 million people and limited satellite radio service, is ready for an entertainment option that U.S. consumers have embraced.
XM and Sirius generate nearly $450 million in combined annual subscription revenue. Delphi supplies receivers and other hardware for satellite radio hookup.
Delphi put its U.S. operations in Chapter 11 bankruptcy protection in October. Its foreign operations were not included.