Beijing companies are selling American car assets. On April 1, Delphi and Beijing Fangshan Enterprise Jingxi Heavy Industry both confirmed that Delphi will divest its global brake and suspended components business to Beijing West Heavy Industries. Both parties have signed a subscription agreement.
Pursuant to the acquisition agreement, BWI will acquire Delphi's brakes and suspension equipment, intellectual property and real estate. Delphi said the deal could be completed in the fourth quarter of this year. Delphi did not disclose the specific purchase price, according to the United States industry, Jingxi Heavy Industry will pay 100 million US dollars in cash.
Delphi is one of the world's largest parts and components companies. Its core businesses include electronics and security, powertrains, and heat exchange. BWI is jointly funded by Beijing Fangshan State-owned Asset Management Company, Shougang Corporation, and Baoan Investment with a registered capital of 800 million yuan. The company was founded on March 3 this year. Its main task is to acquire Delphi's assets. An online evaluation said: "This project is the largest investment project in the history of industrial development in Fangshan District and has the highest cutting-edge technology content."
However, the acquisition still requires a court license. Delphi has filed an application to the Southern Bankruptcy Court in New York City. The court held a hearing on April 23 and May 21 to consider the purchase. Bingxi Heavy Industry insiders also said yesterday: "The acquisition has not yet been completed."