Autoliv says it has agreed to acquire Delphi’s Occupant Protection Systems (OPS) operations in Korea and China. These operations, it says, are expected to generate approximately US$250 million of annualised sales in 2010.
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Under the terms of the Asian agreement, Autoliv will acquire substantially all of Delphi OPS operations in Korea and China. The transaction includes intellectual property, physical assets and a highly skilled workforce of approximately 600 associates in Korea and China. Existing customers include HKMC (Hyundai, Kia), Chery and Tata.
In the fourth quarter 2009, Autoliv separately acquired assets related to Delphi’s OPS operations in Europe and North America. These transactions are expected to add approximately US$150 million to Autoliv sales during 2010.
“We are very satisfied to have now finalized agreements to acquire virtually all of Delphi OPS operations worldwide,” stated Jan Carlson, President and CEO of Autoliv. “This most recent agreement further improves our already strong market position in Korea and China and reinforces our growth strategy for Asia,” added Carlson.
The Asian transaction is expected to close by March 31, 2010, subject to regulatory approvals and customary closing conditions.
