Terms of the sale are consistent with those announced on February 19, 2015.  At that time, Delphi and MAHLE also signed a separate letter of intent to sell Delphi’s stake in Shanghai Delphi Automotive Air-Conditioning System Co., Ltd., which is expected to close in 2016.

“The sale of our wholly-owned thermal business to MAHLE is a great outcome for all involved,” said Kevin P. Clark, Delphi’s president and chief executive officer.  “MAHLE is a world leader in providing automotive thermal systems and will now be positioned to provide even more opportunities for its employees and more value to its customers in what has been a very strong business.  For Delphi, this transaction strategically positions us to focus on the high growth sectors of Powertrain, Electronics & Safety and Electrical/Electronic Architecture, addressing industry trends for safe, green and connected vehicles.”

Delphi’s Thermal division 2014 revenues were $1.6 billion, with approximately 7,500 employees and 13 plants globally.

Barclays is serving as Delphi’s financial advisor and Latham & Watkins LLP is serving as its legal counsel.