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On October 16, 2012, A123 Systems had filed for bankruptcy protection under Chapter 11, Title 11, United States Code.Wanxiang won an auction for the bankrupt United States-based lithium-ion battery maker in December 2012 [2] for a closing price of US$256.6 million. [3]
In the deal, Dura absorbed Global Automotive Systems of suburban Detroit, also owned by Patriarch Partners, to form a parts supplier with global "sales of $1.6 billion and 10,800 employees in 39 manufacturing operations in 16 countries." [4] In October 2019, Dura Automotive Systems again filed for bankruptcy. [5]
The merger, agreed to in December 2019, was to create the world's fourth-largest carmaker by global vehicle sales with expected annual cost savings of €3.7 billion, or about US$4.22 billion. [ 12 ] On 21 December 2020, the European Commission approved the merger, while imposing minimal remedies to ensure competition in the sector. [ 22 ]
PRTS earnings call for the period ending June 30, 2024.
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Delphi Technologies was an independent automotive company from 2017 to 2020, when it was acquired by BorgWarner Inc. As of 5 July 2023, BorgWarner completed the spin-off of Delphi Technologies, Delco Remy, and Hartridge to a separate publicly traded company, PHINIA.
Daewoo Motor Sales responded by signing a deal with the SsangYong Motor Company to sell its vehicles (specifically the Rodius, Chairman W and Chairman H vehicles) in return for the injection of W20 billion ($17.6 million) by Daewoo Motor Sales into SsangYong Motor Company, which at the time was mired in bankruptcy proceedings. The deal was non ...
Japan's Panasonic Holdings said on Friday it plans to sell a stake in its automotive systems business to funds managed by U.S. private equity firm Apollo Global Management, and has signed a ...