Continental is Eying Some Delphi Units
(Akron/Tire Review) News reports say that Continental AG is looking to purchase portions of struggling Delphi Corp.’s non-U.S. businesses. Continental CEO Manfred Wennemer confirmed the talks at the Geneva Motor Show. “We wouldn’t want any UAW (United Autoworker) factories,” said Wennemer in an interview at the auto show. “There are a lot of other opportunities – Asia, Europe – where we’d be interested in buying. It all depends on what’s available.”
Continental said it is actively looking for acquisitions and wants to expand into the Asian markets. It may have to compete with fellow German corporation Robert Bosch GmnH, which is also looking to snare portions of Delphi’s business. Delphi’s U.S. operations filed for bankruptcy protection last October after it failed to gain concessions from the UAW and obtain financial aid from General Motors, its former parent company.