Parts "China's Biggest" Sees "Global Second"
(Reporter Lu Huimin) Wanxiang Group, China's largest auto parts company, intends to acquire some of Delphi’s assets, which is the second-largest component company in the world, and adds to its 11-year US trip. Recently, Wan Guanqiu, Chairman of Wanxiang's Board of Directors, said that the company intends to acquire the assets of Delphi filed for bankruptcy protection in the United States. Nie, president of Universal USA, also stated that Wanxiang is very interested in acquiring some of Delphi's assets that are in financial crisis. .
Delphi China is not surprised
Yesterday, the reporter contacted Miss Li, who was responsible for media interviews with Wanxiang Group. She said that because it involves the company's commercial operations, it is not yet easy to publish information. Jiang Jian, deputy general manager of Delphi Automotive Systems (China) Investment Co., Ltd., said in an interview with this newspaper that Delphi China does not know that Wanxiang is negotiating with Delphi America on the acquisition. He said that Delphi, which has filed for bankruptcy protection in the United States, currently does two major things. First, it reduces labor costs and needs to negotiate with the U.S. Trade Union Organization (UAW) and GM to reduce high pensions and health care costs. The second is the reorganization of the production line. Some weakly competitive products should be transferred and sold. However, Delphi is currently doing its first job and has not announced a product line reorganization plan. Therefore, Delphi China does not know the relevant information.
Jiang Jian said that because the product line adjustment is in the Delphi plan, it may not be a surprise to sell some of the production lines to bidding companies including Chinese companies in the future. However, he repeatedly stressed that he is not clear whether the current direction is a bidder.
Universal is not just looking at Delphi
Some industry insiders believe that once a well-known auto parts company like Delphi has a sales plan, it will generally sign a confidentiality agreement with the other party. Before the talks, both parties will not disclose details.
For Wanxiang, this is another big move after Wanxiang has made a lot of profits in the US oil industry. Ni told the overseas media yesterday that it is still too early to discuss whether it can eventually acquire some of Delphi’s assets. Although Wanxiang Group is very interested in acquiring some of Delphi’s assets that were in financial crisis, it is not currently available to disclose more information. Because Wanxiang Group is still not clear what kind of assets Delphi has for acquisitions, it does not have enough information to make a judgment. However, he stated that Wanxiang Group is interested in acquiring any assets that the US first-tier or second-tier auto parts makers are supporting with the group's business. In addition to Delphi, Wanxiang Group is also negotiating with other U.S. auto parts makers on the acquisition of their assets and business, some of which are close to final agreement.
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