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BRIEF-Delphi announces plans for tax-free spin-off of powertrain segment
May 3, 2017 / 11:12 AM / 3 months ago

BRIEF-Delphi announces plans for tax-free spin-off of powertrain segment

2 Min Read

May 3 (Reuters) - Delphi Automotive Plc:

* Delphi announces plans for tax-free spin-off of powertrain segment

* Delphi automotive - following transaction, which is expected to be completed by march 2018, delphi shareholders will own shares of both companies

* Delphi automotive plc - timothy manganello, will become non-executive chairman of new powertrain company's board of directors upon separation

* Delphi automotive plc- upon completion of planned spin-off, delphi shareholders will receive shares of powertrain via a pro rata special distribution

* Delphi automotive plc - manganello was most recently chairman of board and chief executive officer of borgwarner, inc

* Says powertrain intends to have its ordinary shares listed on new york stock exchange

* Delphi automotive plc- powertrain intends to have its ordinary shares listed on new york stock exchange

* Delphi automotive - liam butterworth, currently senior vice president and president, powertrain systems, will become president and ceo of new entity.

* Delphi automotive plc - upon completion of planned spin-off, delphi shareholders will receive shares of powertrain via a pro rata special distribution.

* Delphi automotive plc - powertrain intends to have its ordinary shares listed on new york stock exchange. Source text for Eikon: Further company coverage:

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