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Like its former parent, General Motors, the manufacturer, the supplier Delphi American comeback after falling from great heights. Now healthy, the group is on track to achieve its first major operation since its release of Chapter 11 of U.S. bankruptcy law in October 2009. He announced Friday it entered into "exclusive negotiations" to buy the French automotive connectors FCI Group for 765 million euros. Held by the fund Bain Capital, FCI is a former subsidiary of the nuclear group Areva. Delphi hopes to complete the transaction by the end of 2012, subject to the green light from competition authorities and the final agreement of CFI, with headquarters located in Guyancourt (Yvelines).
MLV, the automotive division coveted by the U.S. is particularly specialized in safety connectors, housed in airbags or seat belts.?She realized last year a turnover of 692 million euros and employs 6,800 people worldwide, including 700 in France.
Drastic restructuring
"The acquisition of MLV broadens the product portfolio of electronic connectors, high-growth" Delphi, "and our customer base worldwide," said Rodney O'Neal, Delphi CEO. The deal will "strengthen Delphi's industrial presence, particularly in Asia," in which MLV is present, with "units of production and engineering in China, India and Korea," said the group.
This activity would be in the electrical and electronics division of Delphi, which expects synergies of $ 80 million in 2015, notably through the pooling of purchases payday loans with no fax. FCI was founded in 1998 by Framatome, Areva and integrated as part of a diversification away from nuclear.?The company has become one of the world specialists of connectors, was sold in 2005 to fund Bain Capital for 1.07 billion euros. It is precisely this year that Delphi had been forced to put into receivership. The group was too dependent on General Motors, in financial difficulty, he was a subsidiary until 1999.
The supplier has drastically restructured during his stay in bankruptcy, closing 21 plants in 29 United States, and separating many activities. Refocused in five divisions, covering security issues, consumer savings and connectivity, one that was still number one in early 2000 that only ranked twelfth in 2010.
Back in price since last November, Delphi, which has diversified its customer portfolio, now shows strong growth.?He recorded last year a turnover of $ 16 billion, up 16%. Society of Troy, Michigan, accelerating particularly in Asia, where it makes 15% of its activity.
Especially, the group is now very profitable. He emerged in 2011 with net income of $ 1.1 billion and an operating margin of more than 10%, placing it among the best performing sector. Delphi also has a cash of $ 1.4 billion, valuable for making acquisitions.
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