DETROIT -- Delphi Corp. has agreed to sell the remaining pieces of its global brake and suspension component business to Chinese-owned BeijingWest Industries Co. Ltd.
BeijingWest is a joint venture established to purchase the Delphi assets by the Beijing municipal government, Chinese auto supplier Tempo International Group and a third Chinese firm, according to John Carroll, executive director of the Detroit Regional Economic Partnership. Carroll was briefed at a dinner event following the signing of the sale agreement.
Carroll said he expects the new owners to keep existing jobs in place.
Tempo has been shopping for automotive supplier acquisitions for several months. A sale price was not disclosed, but the Detroit Free Press reported today that BeijingWest paid $100 million in cash for the assets.
The unit currently employs about 3,000 people in Poland, China, Mexico, France and the United States. The sale, which requires bankruptcy court approval, will complete the companys divestiture of the business.
Delphi has already sold or agreed to sell at least seven plants from the unit for a total of about $84 million, according to Delphis annual report.
Delphi has been in Chapter 11 bankruptcy proceedings since October 2005. A deal to finance the company's emergence from bankruptcy fell apart at the last minute in April 2008.