Germany's Mahle to buy Delphi's Hungarian compressor plant
German automotive parts manufacturer Mahle is expected to acquire the thermal division of U.K.-based car company Delphi Automotive, including Delphi Thermal Hungary, which has a compressor plant in Balassagyarmat in northern Hungary, Hungarian news agency reported today citing HR manager Péter Papp.
The Hungarian plant employs 900 people and produces compressors used in air conditioners for European vehicle manufacturers.
MTI noted that Delphi has invested €220 mln in Hungary since 1991. It employs more than 3,000 people at its bases in Szombathely, Tatabánya and Balassagyarmat. Delphi signed a strategic cooperation agreement with the Hungarian government in January 2014.
Papp said that the operations will carry on without any changes, and added that the transaction, which was announced on February 19, is scheduled to wind up in Q3.
German Mahle Group, which is a leading supplier of thermal systems, plans to strengthen its position in the vehicle manufacturing sector with this acquisition, which is worth approximately $727 mln and affects Delphi's three European plants, the U.S. and Asian production units, and the development centers in the United States and Luxembourg, the HR manager said, confirming a report published by autopro.hu.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.