STUTTGART, Germany, Feb.19, 2015 /PRNewswire/ -- MAHLE has signed a definitive agreement to acquire the wholly-owned thermal business of U.S. automotive supplier Delphi Automotive PLC (NYSE: DLPH).
In 2014, the Delphi division and its approximately 7,600 employees achieved annual sales of about $1.2 billion (roughly 1.0 billion euros). After approval by relevant antitrust authorities, a closing of the deal is anticipated in the fall of 2015. MAHLE also intends to acquire Delphi Thermal's joint venture in China.
The takeover supports the strategic expansion of the important thermal management growth sector within the MAHLE Group. Comprehensive thermal management systems will play an increasingly significant role for all potential drive systems of the future -- combustion engines, electric drives (batteries and power electronics) or fuel cells.
Delphi Thermal is represented in all regions of the world. Its product portfolio, ranging from HVAC modules and air conditioning compressors to cooling components, is an ideal complement to MAHLE's existing thermal management activities. The identically named MAHLE business unit, which was formed in connection with the majority acquisition of the Behr Group in 2013, will be in an even stronger position to serve the automotive industry as its global systems partner. Furthermore, air conditioning compressor technology will round out MAHLE's thermal management product range.
The goal is to integrate the 13 Delphi plants in Europe (Poland, Slovakia, Hungary), North and South America (USA, Mexico, Brazil), and Asia (China, India), as well as development centers in the USA and Luxembourg, into the global MAHLE Group organization.
"With the acquisition of Delphi's thermal management division, we will reinforce our commitment in this promising field," says Prof. Heinz K. Junker, chairman of the MAHLE Group's Management Board and CEO. "On the one hand, we will extend our production footprint in Europe, North America and Asia. On the other hand, we will strengthen our product range and systems competence -- particularly with air conditioning compressors, which are already economically significant in today's global automotive industry. This step represents an important strategic progression for MAHLE."
Dr. Jorg Stratmann, head of MAHLE's Thermal Management business unit and member of the MAHLE Group's Management Board, adds: "MAHLE will greatly strengthen its competitive position in the area of thermal management as a result of this acquisition."
Rodney O'Neal, Delphi president and CEO, adds: "Under MAHLE ownership, Delphi Thermal will be a leading systems supplier in the thermal industry, better positioned to serve customers with a global footprint and industry-leading technology portfolio. The business is a good strategic fit for MAHLE, which will benefit our Thermal customers and our Thermal employees."
About MAHLE:
As a leading global development partner for the automotive and engine industry, MAHLE offers unique systems competence in the areas of engine systems, filtration, electrics/mechatronics, and thermal management. In the original equipment industry, MAHLE provides technologically innovative solutions for automotive, commercial vehicle, machinery, and other industrial applications.
The Aftermarket business unit also serves the independent parts market with MAHLE products in OE quality. MAHLE has a local presence in all major world markets. In 2014, some 66,000 employees at approximately 150 production locations generated estimated sales of around EUR 10 billion. At ten major research and development centers in Germany, Great Britain, the USA, Brazil, Japan, China, and India, more than 4,500 development engineers and technicians are working on forward-looking concepts, products, and systems.
More information is available at www.mahle.com, www.mahle.com/mahle/en/news-and-press/
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SOURCE MAHLE
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