No timetable for Delphi IPO

DETROIT Wed Jan 13, 2010 1:39pm EST

Related Topics

DETROIT (Reuters) - Privately held auto parts supplier Delphi Corp, which emerged from a four-year bankruptcy in October, has no timetable yet for an initial public offering, Chief Executive Rodney O'Neal said on Wednesday.

"Our management team is just focused on the top line and the bottom line of the company and creating value. The market itself and our owners will dictate when that event occurs," O'Neal told Reuters on the sidelines of the Automotive News World Congress.

North America's third-largest auto parts supplier slashed 90,000 workers and divested numerous business lines to focus on safety equipment, green technology and vehicle connectivity through the bankruptcy.

With the company out of bankruptcy, Delphi is interested in acquisitions "for strategic reasons primarily around technologies and jobs we might have in our portfolio, but not just for the sake of top line (growth)," he said.

O'Neal said the Delphi portfolio is now "very solid" when asked whether the parts maker would divest more businesses.

"As always, you always do a constant evaluation of where you are and where you want to go," he said. "Nothing is static."

Delphi is currently evaluating its business in Europe, where it has excess capacity it plans to cut, O'Neal said.

"We have some right-sizing to do in Europe," O'Neal said. "When we finish what we have laid out we will be at the right size."

O'Neal said Delphi expects revenue to increase by about 40 percent to the $14 billion to $15 billion range by 2012.

"We are going to have significant improvement in '09 to 2010 in terms of positive cash flow and earning power of the company," he said.

The former parts unit that GM spun off in 1999, Delphi has slashed thousands of jobs and divested numerous businesses in the reorganization.

(Reporting by David Bailey and Arno Schuetze, editing by Matthew Lewis)

FILED UNDER:
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (1)
zengqunhai wrote:
Welcome to—————–http://xolook.com ————————

———-
Wholesale and reatail all kinds of world brand shoes,jeans,t-

shirts,bikini,beach

pants,handbags,wallets,sunglasses,belt,caps,watches etc..
—————If you think our website is good , you can put this

website to your bookmarks or other places ,easy to find …
Best quality, Best reputation , Best services

╭══════════════╮
http://xolook.com
╰══════════════╯

Best online store

Best quality, Best reputation , Best services

—**** NHL Jersey Woman $ 40 —**** NFL Jersey $ 35

—**** NBA Jersey $ 34 —**** MLB Jersey $ 35

—**** Jordan Six Ring_m $36 —**** Air Yeezy_m $ 45

—**** T-Shirt_m $ 25 —**** Jacket_m $ 36

—**** Hoody_m $ 50 —**** Manicure Set $ 20

—**** handbag $37 —**** ugg boot $43 —****

—**** sunglass $16 —**** bult $17 —****

╭══════════════╮
http://xolook.com
╰══════════════╯

Jan 13, 2010 2:21pm EST  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.