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WITTE Automotive announces acquisition of Delphi’s Power Products
Velbert (May 29, 2008) WITTE Automotive, headquartered in Velbert, Germany, manufacturer of vehicle access systems has made a binding offer to the Delphi Corporation for the take-over of the business unit Power Products.
The acquisition will be effected in conjunction with the American partner STRATTEC SECURITY Corporation and Vehicle Access Systems Technology LLC (VAST), a joint venture of WITTE, STRATTEC and ADAC Automotive. With the intended acquisition, WITTE will be able to strengthen its position in Europe, mainly for power slide door and power liftgate systems.
Delphi’s business unit Power Products develops, manufactures and sells power systems for sliding side doors, liftgates and trunk lids. Current customers for these products include leading automotive manufacturers in North America, South Korea, China and Europe.
WITTE Automotive will primarily be responsible for the European portion of Delphi’s Power Products. With the decision for the take-over, the VAST Alliance partners broaden their position as worldwide supplier of vehicle access systems.
Due to the initiated bankruptcy proceedings of Delphi USA, the deal requires the final approval of the American supervisory authority. WITTE Automotive expects to complete the acquisition before the end of 2008.
