Delphi CEO says pieces in place to do an IPO, up to owners
At the 23rd annual North American International Auto Show, Delphi Automotive's CEO said the main management pieces in place to launch an IPO, but how and when is up to its private equity owners, according to a report...
At the 23rd annual North American International Auto Show, Delphi Automotive’s CEO said the main management pieces in place to launch an IPO, but how and when is up to its private equity owners, according to a report filed by Reuters.
“That would be a great moment if it were ever to occur for Delphi, but it is not my focus,” O’Neal said in an interview .
Delphi emerged from a four-year bankruptcy restructuring in October 2009 a much smaller company after selling off or closing several businesses inherited in its spinoff from former parent General Motors in 1999.
“Our basic model has always been set,” he said. “We spent the last few years making sure we had it definitely done. So yes, I think the major pieces are in place.”
Delphi trimmed its focus to safety products, car connectivity and green car components. About 40 per cent of its revenue comes from Europe, 30 percent from North America and the rest from other regions.
Through the first nine months of 2010, Delphi’s revenue was up about 22 per cent to nearly US$10.2 billion from a year earlier.
“We still have plenty of work to do,” O’Neal said. “I don’t want you to think that what I am saying is that we are done. You are never done in this business.”