Steering Division Achieves Second-Largest Bookings in 100-Year History
Delphi Steering President Cites Diversified Global Customer Base, Conquest
Sales, Customer-Focused Team as Points of Strength
TROY, Mich., Dec. 6 /PRNewswire/ -- Delphi Corporation has already
booked $3.3 billion in new steering and halfshaft business to date in 2006,
and expects additional new business awards prior to year-end, company
officials said today.
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Most of the new business awards are approximately five years in
duration. Further details remain confidential at the customers' request.
Sixteen global customers are included among the new business awards,
with no single customer representing more than 50 percent of the total
business. More than half of the new business is for vehicles produced in
Europe, Asia and South America.
The products sold include electric and hydraulic power steering
systems, steering columns, gears, hoses and halfshafts.
"We're showing remarkable strength during a turbulent time for the
entire industry," said Bob Remenar, president, Delphi Steering division.
"This sales performance shows that we have strong technologies that excite
a diversified and global customer base. We have a team that is committed to
bringing value to our customers. Our team has built strong sales momentum
throughout the year. We expect that momentum to continue for the remainder
of the year and into 2007."
Beyond the short-term improvement, the news has historical
significance: In the 100 years that Delphi has been producing steering
components and systems, 2006 will represent the second-strongest bookings
year ever. As the division continues to book sales for the remainder of the
year, Remenar said he expects that 2006 will reflect more than a 50-percent
gain compared with 2005.
Remenar further said that more than 30 percent of the new business in
2006 is conquest business. "It's really simple," Remenar said. "We expect
that as more customers get to know us - our people, our products, our
quality, and our global footprint, with our engineering and manufacturing
capabilities - they will want to do more business with Delphi Steering."
Delphi Steering now supports 64 customers worldwide.
The division has more than 9,200 employees at 22 manufacturing plants,
11 customer support centers, and five regional engineering centers
worldwide.
Delphi Steering has 100 years of experience, beginning with steering
gears in 1906, and has delivered more than 300 million steering pumps, 200
million steering gears, and 6 million electric power steering systems to
its diversified customer base. The division has a history of
industry-leading innovations, including the first tilt-wheel steering
column and energy- absorbing steering column. Delphi has further enhanced
its steering portfolio with the next generation of cost-effective active
hydraulic and electric steering products to improve the driving experience.
Innovation continues today in the areas of safety, comfort and convenience,
and fuel efficiency to meet customers' needs globally.
For more information about Delphi Corporation (Pink Sheets: DPHIQ),
visit http://www.delphi.com.
FORWARD LOOKING STATEMENT
This press release, as well as other statements made by Delphi, may
contain forward-looking statements that reflect, when made, the company's
current views with respect to current events and financial performance.
Such forward-looking statements are and will be, as the case may be,
subject to many risks, uncertainties and factors relating to the company's
operations and business environment which may cause the actual results of
the company to be materially different from any future results, express or
implied, by such forward-looking statements. Factors that could cause
actual results to differ materially from these forward-looking statements
include, but are not limited to, the following: the ability of the company
to continue as a going concern; the ability of the company to operate
pursuant to the terms of the debtor-in- possession facility; the company's
ability to obtain court approval with respect to motions in the chapter 11
cases prosecuted by it from time to time; the ability of the company to
develop, prosecute, confirm and consummate one or more plans of
reorganization with respect to the Chapter 11 cases; risks associated with
third parties seeking and obtaining court approval to terminate or shorten
the exclusivity period for the company to propose and confirm one or more
plans of reorganization, for the appointment of a chapter 11 trustee or to
convert the cases to chapter 7 cases; the ability of the company to obtain
and maintain normal terms with vendors and service providers; the company's
ability to maintain contracts that are critical to its operations; the
potential adverse impact of the Chapter 11 cases on the company's liquidity
or results of operations; the ability of the company to fund and execute
its business plan (including the transformation plan described in Item 1.
Business "Potential Divestitures, Consolidations and Wind-Downs" of the
Annual Report on Form 10-K for the year ended December 31, 2005 filed with
the SEC) and to do so in a timely manner; the ability of the company to
attract, motivate and/or retain key executives and associates; the ability
of the company to avoid or continue to operate during a strike, or partial
work stoppage or slow down by any of its unionized employees; and the
ability of the company to attract and retain customers. Other risk factors
are listed from time to time in the company's United States Securities and
Exchange Commission reports, including, but not limited to the Annual
Report on Form 10-K for the year ended December 31, 2005. Delphi disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events and/or
otherwise.
Similarly, these and other factors, including the terms of any
reorganization plan ultimately confirmed, can affect the value of the
company's various pre-petition liabilities, common stock and/or other
equity securities. Additionally, no assurance can be given as to what
values, if any, will be ascribed in the bankruptcy proceedings to each of
these constituencies. A plan of reorganization could result in holders of
Delphi's common stock receiving no distribution on account of their
interest and cancellation of their interests. Under certain conditions
specified in the Bankruptcy Code, a plan of reorganization may be confirmed
notwithstanding its rejection by an impaired class of creditors or equity
holders and notwithstanding the fact that equity holders do not receive or
retain property on account of their equity interests under the plan. In
light of the foregoing and as stated in its October 8, 2005, press release
announcing the filing of its Chapter 11 reorganization cases, the company
considers the value of the common stock to be highly speculative and
cautions equity holders that the stock may ultimately be determined to have
no value. Accordingly, the company urges that appropriate caution be
exercised with respect to existing and future investments in Delphi's
common stock or other equity interests or any claims relating to
pre-petition liabilities.
SOURCE Delphi Corporation
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Related links:
http://www.delphi.com/media
http://www.delphi.com
Photo Notes:
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CONTACT:
John Shea of Delphi Corporation,
+1-248-813-2485, or John.shea@delphi.com
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