Penske Eyes Delphi Steering

Auto retailer and racing legend Roger Penske is scouting Delphi Steering for a possible acquisition.
According to Automotive News, Penske, 69, who once sat on Delphi Corp.’s board, inspected the Saginaw Steering factory this month in Saginaw, Mich., said Tom Basner, chairman of UAW Local 699.
The plant is 90 miles north of Detroit.
Also spotted was Don Runkle, a longtime Penske acquaintance who once ran Delphi Steering.
Two months ago, Delphi put the sprawling plant and the entire Delphi Steering global operation up for sale.
Although it has gained new business from General Motors and others, the division does not fit with Delphi’s plans to restructure as a supplier of electronics.