Auto parts supplier Delphi will sell its brakes-and-suspension business to BeijingWest Industries as part of the auto supplier’s ongoing turnaround plan, the Wall Street Journal reported. BeijingWest Industries is a joint venture established to purchase the Delphi assets by the Beijing municipal government, Chinese auto supplier Tempo International Group and a third Chinese firm. Delphi, which has been in bankruptcy protection since October 2005, is General Motors’ (GM) largest supplier and has been hit hard by the global economic downturn and the steep drop in demand for new vehicles. BeijingWest will acquire machinery and equipment, along with intellectual property and some customer and supplier contracts. Delphi’s brakes-and-suspension business unit employs about 3,000 people, mostly in the US, France, Mexico, China and Poland.
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