Aptiv PLC (stylised as oAPTIVo, formerly known as Delphi Automotive PLC) is a global auto parts company incorporated in the Bailiwick of Jersey and headquartered in Dublin, Ireland.
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History
The business was established as the Automotive Components Group in 1994 and changed its name to Delphi Automotive Systems in 1995. Delphi disclosed some irregular accounting practices in 2005. A number of executives, including CFO Alan Dawes, resigned. Delphi Chairman J.T. Battenberg retired. Delphi then filed for Chapter 11 bankruptcy protection to reorganize its struggling U.S. operations. As a result of this action, the Securities and Exchange Commission granted an application by the New York Stock Exchange to delist Delphi's common stock and bonds.
Plants in Puerto Real, Cádiz, Spain, closed, with a loss of 1,600 direct jobs, and more than 2,500 indirect jobs in February 2007, despite having agreed to continue its manufacturing operations until 2010 and receiving more than EUR25 million from various public administrations in order to guarantee its workers' jobs. The Regional Government of Andalusia announced it would begin legal action against the company for breach of local labor laws.
Delphi sued its investors for US$ 2.55 billion in securities to aid Delphi as it sought to come out of bankruptcy in May 2008. U.S. Bankruptcy Judge Robert Drain in New York allowed Delphi to seek payments through a contract against Appaloosa Management LP as well as denying an investors' request for a cap of $250 million for damages. In April 2009 CoolIT Systems announced the acquisition of the assets of Delphi Thermal Liquid Cooling including intellectual property, machinery, and equipment.
Delphi's core assets were purchased by a group of private investors to create a new Delphi Corporation in October 2009. Some of its non-core steering operations sold to General Motors Company, the successor to the bankrupt Motors Liquidation Company that used to be the old General Motors Corporation. The stock was cancelled. The old Delphi Corporation was renamed DPH Holdings Corporation. The new Delphi incorporated in the United Kingdom.
Delphi sold its Thermal Business unit to Mahle-Behr GmbH in July 2015. Together, the Mahle-Behr and Delphi Thermal merger represented the second largest supplier of automotive thermal management systems including interior HVAC components, under-hood powertrain cooling and compressors. The company announced improvements to self driving technology under development in December 2015. In the same month Delphi bought HellermannTyton for 1.7 Billion.
Delphi entered into a partnership agreement with Carbon in June 2016 to allow use of Carbon's Continuous Liquid Interface Production technology and printers. The company then bought the self-driving startup NuTonomy for $450 Million in October 2017. The company spun off its powertrain division (now Delphi Technologies) and aftermarket related businesses in December 2017 and changed its name to Aptiv PLC.
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Operations
As of December 2017, Aptiv has two diversified business segments:
- "Signal and Power Solutions (Formerly Electrical/Electronic Architecture)" provides complete vehicle electrical systems, integrating wiring and cable assemblies, electrical centers and connection systems.
- "Advanced Safety and User Experience (Formerly Electronics & Safety)" provides advanced software and sensing systems, computing platforms, advanced safety systems and automated driving, user experience and infotainment, as well as other vehicular electronic controls.
Controversies
On 4 March 2005, Delphi said it had fired its CFO and would restate earnings between 1999, when Delphi spun off from General Motors Corp (GM), and 2004 for improper reporting of rebates, credits, or other payments from suppliers. In June, 2006, Delphi said in a filing that it would restate its 2005 report, which would increase Delphi's reported 2004 net loss by $65 million. In 2013, Delphi became involved in an ongoing lawsuit against GM, because it manufactures ignition switches for the Chevrolet Cobalt, whose original design is alleged to be defective.
Joint ventures
- EnerDel - started as a joint venture of Ener1 and Delphi. In August 2008, Ener1 bought exclusive ownership of EnerDel.
- Condumex - A Grupo Carso division
Environmental record
Researchers at the University of Massachusetts Amherst identified Delphi corp. as the 21st-largest corporate producer of air pollution in the United States in 2002. According to the study, the manufacturer's most toxic emissions included asbestos (542 lb/yr), chromium compounds (1,082 lb/yr), lead compounds (8,466 lb/yr), and sulfuric acid (17,600 lbs/year), while the most massive emissions were glycol ethers (111,520 lbs/year) and hydrochloric acid (80,000 lb/yr).
References
External links
- Aptiv website
- SEC Litigation Release
- Slate article on bankruptcy
- DPH Holdings Corporation, the website for the old Delphi Corporation which now concerns its bankruptcy case.
Source of article : Wikipedia
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