Delphi Korea's joint venture partner acquires its heat exchange business rejected

According to reports, Delphi's sale of heat exchange business not only attracted the attention of Valeo, Mahle and other companies, recently its South Korean partner Erae also expressed interest in acquiring the business, making Delphi this transaction more complicated.

Delphi Korea's joint venture partner acquires its heat exchange business rejected
Delphi Korea's joint venture partner acquires its heat exchange business rejected

Erae has joint ventures with Delphi and Daewoo in South Korea. According to informed sources, Erae was also interested in Delphi's heat exchange business and submitted preliminary bids to Delphi and entered the second round of bidding, but was eventually excluded.

However, many stakeholders believe that when compared to Erae's “football”, it will be more noticeable when the Delphi heat exchange business will improve.

In the first three quarters of this year, the gross profit margin of the Delphi Heat Exchange System Division slightly increased to 8.8%, which is about 10% lower than that of the powertrain system and other departments. In 2013, the Delphi heat exchange system had revenue of $1.5 billion and EBIT of $80 million.

Valeo, Mahle, Denso, and Visteon are all Delphi’s potential buyers of the heat exchange business. However, related parties said that because Visteon is currently seeking to sell its Korean business, it may not be considered.

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