TRW Buys Some Delphi Assets

Delphi Corp. has agreed to sell some of its brake operations to TRW Automotive Holdings Corp. (NYSE: TRW), as part of its efforts to exit Chapter 11 bankruptcy protection. No financial terms were disclosed. The deal includes part of Delphi's North American brake component machining and module assembly assets. TRW also will acquire production inventory, lease part of Delphi's brake manufacturing facility in Saginaw, Mich. for at least five years and maintain the leased site's hourly workers.

The Blackstone Group bought TRW from Northrop Grumman back in 2003 for $4.7 billion, and still holds more than a 40% stake.