Jason Sandefur

Bankrupt Delphi Corp. agreed to sell its auto components and fastening systems businesses to private investment firm Renco Group for $106 million.
The businesses generate annual revenue of $1.3 billion, with manufacturing operations in Gadsden and Cottondale, AL; Kansas City, MO; and Orion and Adrian, MI. Other manufacturing sites are located in Mexico; W�rth, Germany; China; and South Korea.
Delphi notified the bankruptcy court, which set a hearing for October 25, 2007. Delphi proposed a November 26 deadline for other potential buyers to submit bids. If outbid, Renco would receive a break-up fee of about $2.4 million. A final sale hearing is scheduled for January 8, 2008.
Renco is best known as the owner of AM General, which manufactures Humvee and Hummer trucks, as part of a joint venture with MacAndrews & Forbes. Web: rencogroup.net \ �2007 FastenerNews.com