TROY, Mich. (AP) - Auto parts supplier Delphi Corp. said Tuesday it has signed a nonbinding agreement to sell its interiors and closures business to a private holding company owned by billionaire Ira Rennert.
The sale to New York-based The Renco Group Inc. is subject to bankruptcy court approval. Terms of the deal were to remain confidential until a master sale and purchase agreement has been negotiated, signed and filed with the court.
The interiors and closures business, which Troy-based Delphi says has annual revenue of about $1.3 billion, includes products such as instrument panels, consoles, door modules and latch systems.
Delphi, a former subsidiary of General Motors Corp., has been operating under bankruptcy protection since October 2005. It expects to emerge from bankruptcy protection in the first half of this year.
Delphi has said it plans to close or sell 21 of its 29 U.S. plants and focus on operating eight U.S. plants that make electronics, safety systems, heating and air conditioning systems and some mechanical parts. The plants scheduled for sale or closure make steering systems, brakes, dashboards and other parts that Delphi no longer considers part of its core business.
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