Business Services Industry
Stock Goes on Sale for Former General Motors Parts Unit Delphi.
Knight Ridder/Tribune Business News, February, 1999 by Adams, David
Knight Ridder/Tribune Business News
Feb. 5 -- WARREN, Ohio -- Today, the country gets a new Fortune 30 company, and Northeast Ohio gets a new largest employer: Delphi Automotive Systems.
Troy, Mich.-based Delphi, and its Warren-based wiring and electric components division, Delphi Packard Electric, will break away this morning from their General Motors Corp. parent and go public on the New York Stock Exchange. Shares will go on sale at 9 a.m. today.
The initial public offering sets free the world's largest automotive parts supplier, and its 109-year-old Packard division, which was founded to make carbon filament lamps and transformers.
Delphi Automotive's 1998 sales of $28 billion make it twice the size of Akron-based Goodyear Tire &...
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