Delphi Automotive - History

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. 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. 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. The Andalusian autonomous government announced it would begin legal action against the company for breach of local labor laws.
• 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.
• October 6, 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.