Aptiv comprises Delphi’s electronics business, including automated-driving technologies.
TROY, MI –Automotive renames the two publicly traded companies it created by splitting its powertrain and electronics businesses into separate entities, a move the U.K.-based parts-making giant made in response to the industry’s drive toward autonomous vehicles.
The electronics business, which accounts for an estimated $12.5 billion in annualrevenue, is renamed Aptiv. The spin-off powertrain unit, a contributor of about $4.5 billion in sales annually, is renamed Delphi Technologies.
The companies will be independent operations reporting separate financials. Each will get its own board of directors but remain wholly owned by Delphi Automotive until the spin-off occurs. At that time, Delphi Automotive will cease as an entity. Shareholders must approve the name changes at a special meeting Nov. 7. The names were announced earlier today during the company’s annual investor conference in Boston.
“The names Aptiv and Delphi Technologies clearly reflect the independent identities, visions and directions of the two companies, each a global leader in its industry,” says Kevin Clark, president and CEO of Delphi Automotive.
“Both will continue to embody Delphi’s core themes of safe, green, and connected, with the autonomy and expertise to react to the rapidly changing dynamics in the automotive industry and solve its customers’ most complex challenges,” he says in a statement. “Customers, employees, partners and shareholders will benefit from the separation into two independent and well-resourced companies with the flexibility to invest and grow even faster and more profitably than today.”
Clark will remain CEO of Aptiv, while Liam Butterworth, currently senior vice president and president of the…