BeijingWest nets control of Delphi's key units

Delphi Corp has agreed to sell its remaining global suspension and brakes businesses to China's BeijingWest Industries Co Ltd, as part of its restructuring plan, Delphi said.

It has made "further progress with its portfolio transformation and has entered into an asset sale and purchase agreement with BeijingWest Industries," said the ailing US auto parts supplier in an email reply to China Daily yesterday.

BeijingWest Industries is 51 percent owned by State-owned Shougang Group. Bao'an Investment and Development Co Ltd holds 24 percent in the company while the Beijing municipal government holds the rest.