Auto Service World
News   March 10, 2008   by Auto Service World

Delphi Sells Interiors and Closures Business

The Renco Group, Inc. today announced that its wholly owned subsidiary, Inteva Products, LLC, has completed the acquisition of Delphi’s global interiors and closures businesses from Delphi Corporation.
The transaction includes the entire book of business, manufacturing operations, intellectual property, supplier contracts and joint venture interests.
Under the terms of the transaction, Delphi’s global interiors and closures businesses and workforce will now become part of Inteva.
Inteva is an engineering, manufacturing firm serving customers around the world with interior and closure solutions for vehicles ranging from entry level compacts and luxury sedans to pick-ups and massive commercial vehicles.
With 17 facilities on three continents, Inteva brings more than 90 years of product experience and expertise to customers.
Ira Rennert, Founder and Chief Executive Officer of Renco, commented, “we are excited by the opportunity this acquisition has presented to invest in a low cost automotive supplier with global growth opportunities. Inteva’s engineering, design and manufacturing capabilities and global footprint position the company well for long term profitable growth.”
Concurrent with the acquisition, Inteva had obtained a new Senior Credit Facility arranged by Wachovia Capital Markets, LLC and Bank of America Securities, LLC with Wachovia Bank, National Association as Administrative Agent.
The Renco Group, Inc. is a private diversified investment holding company with a broad portfolio of operating companies and financial investments.
Renco holds interests in a number of companies in the mining, automotive, magnesium, steel, metals fabrication and material handling industries.
Operating companies in which Renco holds an interest include AM General, Doe Run Resources, US Magnesium, Inteva Products LLC, Unarco Material Handling and Baron Drawn Steel.
The company generates in excess of US$5.5 billion in revenue while employing over 12,000 people worldwide.

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