In line with its on-going portfolio restructuring plan, Delphi Automotive Systems has sold its Liteflex composite spring business to newly formed Dayton, Ohio based Liteflex LLC, in conjunction with the National Composite Center.
Financial terms of the transaction were not disclosed.
The Liteflex composite spring business, based in Dayton, manufactures leaf springs for original equipment manufacturers (OEM) and the aftermarket and had 2000 sales of approximately $10 million.
Liteflex composite springs are made of fibre reinforced epoxy and used in the front and rear suspension system of a vehicle to provide ride and handling comfort. Liteflex springs are produced for the passenger vehicle market, as well as the light-duty and heavy-duty commercial vehicle markets.
Delphi announced its intent to sell the global Liteflex composite spring business in February 2001 after determining the product line to be outside of the company’s future product strategies.
The transaction includes all of Delphi’s Liteflex assets, including all tools, inventory and equipment for the current composite spring business. Hourly and salaried employees associated with the Liteflex product line in Dayton, Ohio will transition to other assignments within Delphi. No layoffs are anticipated as a result of the sale.