Delphi Completes Acquisition of Motorized Vehicles Division of FCI
Delphi Automotive PLC (NYSE: DLPH) (“Delphi”) announced today the completion of its acquisition of FCI Group's Motorized Vehicles Division (“MVL”), a leading global manufacturer of automotive connection systems with a focus on providing high-value, leading technology applications. The transaction is valued at €765 million on a cash and debt-free basis and is forecasted to be $0.24 accretive to 2013 earnings per share, excluding integration and other acquisition-related costs. Delphi is highly confident that it can achieve annual run-rate pre-tax synergies of $80 million by 2015.
“We are excited to complete the acquisition of MVL. We have strengthened our market leadership in the global automotive connector industry and positioned Delphi to further benefit from the growing electronics and safety content in motor vehicles,” said Rodney O'Neal, chief executive officer and president of Delphi. “The combined connector businesses will deliver significant revenue and operating synergies and accelerate our sales and earnings growth.”
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Delphi Automotive PLC (NYSE: DLPH) is a leading global supplier of electronics and technologies for automotive, commercial vehicle and other market segments. Operating major technical centers, manufacturing sites and customer support facilities in 30 countries, Delphi delivers real-world innovations that make products smarter and safer as well as more powerful and efficient. Connect to innovation at www.delphi.com.