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The acquisition ceremony was held in Detroit on November 2 (the Detroit time). The buyer will take over the first-class auto chassis and parts production bases and technological centers that Delphi possessed in such countries as the US, Poland, France, the UK, and Mexico. Moreover, it will continue the provision of services and products for global auto giants like BMW, Audi, Ferrari, and General Motors.
Beijing West Heavy Industries will keep the former management and strive to combine the global advanced technology with the domestic production capacity.
The acquisition was supported greatly by the municipal government of Beijing. The buyer was formed jointly by a subsidiary of Shougang Group, the government of Fangshan District, Beijing, and Bao'an Investment Development Co., Ltd. (transliterated), which represents 51, 25, and 24 percent, respectively.
Source: www.163.com (November 03, 2009)
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