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Delphi Automotive looking to sell thermal unit for $1 billion- Bloomberg

Published 22/10/2014, 19:59
© Reuters Delphi Automotive CEO O'Neal testifies before a Senate Commerce, Science and Transportation Subcommittee in Washington
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(Reuters) - Auto parts maker Delphi Automotive Plc (N:DLPH) is looking to sell its business that makes heating and cooling systems for cars, and will seek as much as $1 billion(0.62 billion pounds), Bloomberg reported, citing people with knowledge of the matter.

Delphi has approached companies including French automotive supplier Valeo SA (PA:VLOF) and South Korea's Halla Holdings Corp (KS:060980) and is planning to meet with potential buyers this week, Bloomberg reported.

Delphi, which is working with a financial adviser on the sale, could use the sale proceeds to bolster its core areas including electronics, safety systems or engines and transmission technologies, Bloomberg reported.

© Reuters. Delphi Automotive CEO O'Neal testifies before a Senate Commerce, Science and Transportation Subcommittee in Washington

Delphi spokeswoman Claudia Tapia said the company did not comment on speculation or rumours.

(Reporting by Amrutha Penumudi in Bangalore; Editing by Savio D'Souza)

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