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Delphi names spin-off firms Aptiv, Delphi Technologies
September 27, 2017 / 1:31 PM / 2 months ago

Delphi names spin-off firms Aptiv, Delphi Technologies

DETROIT, Sept 27 (Reuters) - Delphi Automotive Plc said Aptiv PLC will be the name of the electronics company left after its automotive powertrain operations are spun off.

The powertrain business will be named Delphi Technologies, it said on Tuesday in a statement ahead of a meeting with investors on Wednesday.

Aptiv will trade under the symbol APTV and will design and produce electronic systems, advanced safety technology integrate the hardware and software for self-driving cars, it said.

The electronic systems business generated about $12 billion in revenue last year. They are predicted to grow at a faster pace than the powertrain operations as vehicles become increasingly electric-powered, software-controlled devices.

Chief Executive Kevin Clark announced in May that the company would spin off its legacy powertrain business, and Delphi shares are up 53 percent for the year to date. Clark will become CEO of Aptiv.

Delphi Technologies, which will trade under the symbol DLPH, includes businesses that generated about $4.5 billion in revenue last year. Delphi executive Liam Butterworth will become the chief executive of Delphi Technologies.

The spinoff is expected to take place in March 2018, Delphi said. (Reporting By Joe White; Editing by Susan Thomas)

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