BEIJING (AP) — A Chinese investment group led by state-owned steel maker Shougang Group said Tuesday it has bought U.S.-based Delphi Corp.'s brake and suspension unit for about $100 million.
The purchase by BeijingWest Industries Group adds to a string of Chinese acquisitions abroad amid the global economic crisis. Delphi, based in Troy, Michigan, is reorganizing under bankruptcy court protection from creditors.
The sale includes operations in the United States, Poland, France, Britain, Mexico and China that employ about 3,000 people, BeijingWest said. It said the unit will continue to serve customers such as General Motors Corp., Audi AG, BMW AG and Ferrari SpA.
"This purchase will allow BeijingWest Industries to enter the premium auto chassis market," BeijingWest chairman Fang Jianyi said in a statement. The company said the purchase price was "nearly $100 million" but gave no other details.
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Shougang's partners in BeijingWest are the Beijing city government and a Chinese auto parts maker, Tempo Group.
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Shougang Group: www.shougang.com.cn