Delphi Automotive

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Delphi Automotive PLC
Public limited company
Traded as NYSEDLPH
S&P 500 Component
Industry Automotive
Founded 1994
Headquarters Gillingham, Kent, UK[1]
Key people
Rajiv L. Gupta
(Chairman)
Kevin P. Clark
(President and CEO)
Products Vehicle electronics, systems, modules, & components
Revenue Increase US$ 17.023 billion (2014)[2]
Increase US$ 1.847 billion (2014)[2]
Increase US$ 1.440 billion (2014)[2]
Total assets Decrease US$ 10.746 billion (2014)[2]
Total equity Decrease US$ 3.013 billion (2014)[2]
Number of employees
161,000 (December 2013)
Website Delphi.com

Delphi Automotive PLC is an automotive parts manufacturing company headquartered in Gillingham, Kent, UK.[1] It is one of the world's largest automotive parts manufacturers and has approximately 161,000 employees.[3]

With offices worldwide, the company operates 126 wholly owned manufacturing sites, and 15 technical centers across 32 countries.

History

  • 1994: General Motors formed Automotive Components Group.
  • 1995: ACG was renamed Delphi Automotive Systems.
  • 1997: GM and Hughes Electronics Corporation spin-off of Hughes Defense electronics business and transfer Delco Electronics from Hughes to Delphi.
  • 1999: Delphi Automotive Systems became a fully independent publicly held corporation.
  • 2000: Delphi purchased UK based Lucas Diesel Systems from TRW Inc who purchased its parent LucasVarity plc in 1999.
  • 2001: 11,500 jobs were cut worldwide (Bischoff 1A).
  • 2002: Delphi Automotive Systems was renamed Delphi Corporation reflecting its diversified business direction.
  • 2004: Delphi was subpoenaed by the Securities & Exchange Commission (SEC) in July for irregular accounting practices and financial transactions.
  • 2005: Delphi disclosed irregular accounting practices. A number of executives, including CFO Alan Dawes, resign. Delphi Chairman J.T. Battenberg retires. Delphi files for Chapter 11 bankruptcy protection to reorganize its struggling U.S. operations. As a result of this action, the Securities and Exchange Commission granted an application by the New York Stock Exchange to delist Delphi's common stock and bonds.[4] The stock traded over the counter on the Pink Sheets electronic exchange.
  • 2005: Twenty-four plants closed down in the U.S.
  • 2006: Delphi announced it would sell off or close 21 of its 29 plants in the United States. The eight plants it intends to keep are located in Brookhaven, Mississippi; Clinton, Mississippi; Grand Rapids, Michigan; Kokomo, Indiana; Lockport, New York; Rochester, New York; Warren, Ohio; and Vandalia, Ohio. Delphi proposes that these remaining plants will operate with wage reductions and workforce reductions.
  • February 2007: Delphi announced the closure of its plant in Puerto Real, Cádiz, Spain, with a loss of 1600 direct jobs and more than 2500 indirect jobs.[5] despite having agreed to continue its manufacturing operations until 2010 and receiving more than €25 million from various public administrations in order to guarantee its workers' jobs.[6] The Andalusian autonomous government announced it would begin legal action against the company for breach of local labor laws.[7]
  • May 2008: Delphi filed a lawsuit against investors. The lawsuit seeks to impose payment by investors in the amount of $2.55 billion in securities to aid Delphi as it seeks to come out of bankruptcy. U.S. Bankruptcy Judge Robert Drain in New York ruled to allow Delphi to seek payments through a contract against Appaloosa Management LP as well as denying investors' request for a cap of $250 million for damages.[8][clarification needed]
  • 6 October 2009: Delphi's core assets were purchased by a group of private investors to create a new Delphi Corporation. Some of its non-core steering operations have been sold to General Motors Company, the successor to the bankrupt Motors Liquidation Company that used to be the old General Motors Corporation. The stock was cancelled. The old Delphi Corporation was renamed DPH Holdings Corporation.[9]
  • 1 July 2015 Delphi announces the sale of their Thermal Business unit to Mahle-Behr GMBH. Together, the Mahle-Behr and Delphi Thermal merger now represents the 2nd largest supplier of automotive thermal management systems including interior HVAC components, under-hood powertrain cooling and compressors.[citation needed]
  • 11 December 2015 Delphi announces improvements to self driving technology under development.[10]

Chapter 11 reorganization

During the Chapter 11 cases, Delphi made substantial progress in identifying and implementing the sale (or receiving Bankruptcy Court approval to sell) or wind down of those facilities and business lines that do not support the company’s future strategic framework, including:

Operations

As of November 2015, Delphi has three diversified business segments:[2]

  • "Electrical/Electronic Architecture" provides complete vehicle electrical systems, integrating wiring and cable assemblies, electrical centers and connection systems.
  • "Electronics & Safety" provides components, systems and software for both passive and active safety, security, comfort and infotainment, as well as other vehicular electronic controls.
  • "Powertrain Systems" provides integrated gasoline and diesel engine management systems, including fuel handling, valve train fuel injection, combustion controls, electronics, and a complete line of aftermarket products and services.


Controversies

On 4 March 2005, Delphi said it had fired its CFO and would restate earnings between 1999, when Delphi spun off from General Motors Corp.(GM), and 2004 for improper reporting of rebates, credits, or other payments from suppliers.[20] In June, 2006, Delphi said in a filing that it would restate its 2005 report, which would increase Delphi's reported 2004 net loss by $65 million. In 2013, Delphi became involved in an ongoing lawsuit against GM, because it manufactures ignition switches for the Chevrolet Cobalt, whose original design is alleged to be defective.[21]

Joint ventures

  • EnerDel - started as a joint venture of Ener1 and Delphi. In August 2008, Ener1 bought exclusive ownership of EnerDel.[22]
  • Condumex - (A Grupo Carso division).

Senior management

On 4 November 2009, Delphi named a new board[23] with John A. Krol as the chairman. Kevin P. Clark has been the President and chief executive officer of the company[24] since March 2015.

Environmental record

Researchers at the University of Massachusetts Amherst identified Delphi corp. as the 21st-largest corporate producer of air pollution in the United States in 2002.[25] According to the study, the manufacturer's most toxic emissions included asbestos (542 lb/yr), chromium compounds (1,082 lb/yr), lead compounds (8,466 lb/yr), and sulfuric acid (17,600 lbs/year), while the most massive emissions were glycol ethers (111,520 lbs/year) and hydrochloric acid (80,000 lb/yr).[26]

References

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  22. http://www.ener1.com/?q=content/ener1 Furukawa Electric establishes J/V an automotive Wiring Harness with Delphi Corp in the US -history
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  26. Toxic 100 detailed company report (Toxics Release Inventory)[dead link]

External links