China group buys Delphi brake & suspension unit

Published: 03 Nov 2009 01:37:17 PST

Shanghai, November 3 (Gasgoo.com) BeijingWest Industries Group, a Chinese investment company led by state-owned steelmaker Shougang Group, said today it has bought U.S. auto-parts giant Delphi Corp.'s brake and suspension unit for about $100 million, media reported.

Delphi, based in Troy, Michigan, is reorganizing under bankruptcy court protection from creditors. The sale includes brakes and suspension businesses in the United States, Poland, France, Britain, Mexico and China that employ about 3,000 people, BeijingWest said.

"This purchase will allow BeijingWest Industries to enter the premium auto chassis market," BeijingWest chairman Fang Jianyi said in a statement. It said the unit will continue to serve customers such as General Motors, Audi AG, BMW AG and Ferrari SpA.

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