6/21/2009
NEWS BRIEFS
Platinum Equity May Control Delphi in Deal
Acument Global Technologies parent company Platinum Equity could gain control of automotive supplier Delphi Corp. if a plan is approved by a bankruptcy court and creditors, the Detroit Free Press reports.
Platinum CEO Tom Gores says after languishing in bankruptcy for almost four years, Delphi is poised for profitability perhaps by 2010.
“Our job in Delphi is set it up to live for the long term and then the auto industry will come back, and when it comes, make sure we’re right there,” Gores said.
Platinum, a Los Angeles-based private equity firm, paid about $630 million for Troy-based Acument, formerly Textron Fastening Systems. But the Delphi deal would be larger, given Delphis $12-billion business that includes four U.S. plants as well as the companys global operations.
If approved, the deal would represent a partnership involving $500 million from Platinum Equity and another $2.5 billion from General Motors. ©2009 GlobalFastenerNews.com
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