BWI Successfully Acquires Delphi Non-Core Assets

Observe changes in core assets while also considering other acquisition targets

Originally hoped to use 3.6 billion U.S. dollars and Platinum Capital co-funded to get rid of the four-year-old bankruptcy protection of the Delphi, but in the United States bankruptcy court opposition, will re-enter the public auction process, the final attribution once again become confusing.

Earlier, Bingsi Heavy Industry insider who was informed of the acquisition intention told CBN reporter yesterday that the company has successfully acquired Delphi’s non-core assets: brake and suspension system. “The company has received the approval order of the U.S. bankruptcy court on May 21st. The assets are now ready for delivery. The first day of delivery is expected to be November 1."

“We want to make it solid and successful, and it can also play a good guiding role in the next M&A project,” he told reporters.

However, the above-mentioned sources also indicated that they did not rule out a good opportunity in the future. “Similar to the Jingxi Heavy Industry's acquisition of Delphi suspension and brake system project, we will also consider it. Whether it is necessary to discuss the acquisition of Delphi’s core assets is currently still uncertain. There are too many factors, so we can't make a conclusion."

Beijing West Heavy Industries Co., Ltd. considers the specially-established parts industry platform from the overall planning of the Beijing automobile industry, and will serve as the industrial platform for high-end parts and components of Beijing Automobile in the future. Therefore, Jingxi Heavy Industry's goal is not only to acquire assets, the most important is to introduce technology and business, to have good product technology and customer networks. According to the above-mentioned sources, BWI’s products and business will be global.

Moreover, as a high-end parts platform, Jingxi Heavy Industries focuses on chassis systems and electronic systems in the acquisition. "Now is also mainly for these two parts of the business acquisition." The above said.

According to his disclosure to reporters, unlike previous media reports, Jingxi Heavy Industry did not participate in Delphi's core assets acquisition in the early stages. “There are too many uncertainties. Therefore, Jingxi Heavy Industries did not participate in the bidding process for Platinum Capital. The acquisition of Delphi’s core assets involved debt, assets, the attitude of the U.S. government, general attitudes, and many other issues. Consider the effectiveness of Delphi's core assets and how it will play a role in the development of Beijing auto parts and the Beijing auto industry."

Not only that, the amount needed to acquire Delphi’s core assets is not a decimal. "The cash needed to acquire the core assets is 1.2 billion U.S. dollars. In addition, there are also liquidity expenses and debts, totaling about 3 billion U.S. dollars."

He admitted to reporters that the successful acquisition of Delphi's brake and suspension systems may not be too much business at all in Delphi, but "for us, this business is not small. The annual sales revenue is 600 million ~ 7 Billions of dollars, and the market is spread over several countries, so we still hope to solidify it.”

Delphi is now preparing for the next merger. According to the above sources, Jingxi Heavy Industry is now considering other acquisition targets. "There are currently negotiations, and there are already very deep negotiations." The specific object he did not disclose, only that there are both international and domestic parts and components companies.

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