Delphi to spin off powertrain unit into separate company
DETROIT (AP) - Automotive parts and electronics maker Delphi Corp. plans to spin off its vehicle powertrain operations into a separate publicly traded company.
The British company with U.S. operations in suburban Detroit says Delphi shareholders will get stock in both companies in the tax-free deal.
Shares of the company surged more than 10 percent to $86.49 Wednesday.
Delphi, the former parts arm of General Motors, has been shedding conventional automotive businesses ever sinc...