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DELPHI'S PUBLIC SPECTACLE: COMING IPO SET TO LET LOOSE A BIG PLAYER AMONG SUPPLIERS.
Crain's Detroit Business, December, 1998 by McCRACKEN, JEFFREY
When Delphi Automotive Systems Corp. goes public early next year, it will test the notion that bigger is better. The key to whether this 800-pound gorilla can stomp its competition, seize global dominance and snatch huge profits befitting the nation's 25th-largest company, depends greatly on how nimble it can be.
Sheer size will not be enough. Although Troy-based Delphi, with 1997 sales of $31.4 billion, is several times the size of competitors such as TRW Inc. or Siemens Automotive Corp., it will have to maneuver past risks such as union disputes, high labor costs and competition for General Motors Corp.'s business without the advantage of being a GM division. Those risks are immediate and long-term. In September, Delphi's contract with its largest...
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