Delphi dissolves Chinese damper joint venture

TROY, Mich. (Sept. 26)—Delphi Automotive Systems Corp. has agreed to sell its majority equity stake in a venture with Tianjin Municipal Shock Absorber Co. in Hangu, China, to Kangtai International Trade Co., a German affiliate of the China-based WanYuan Group. The venture, Tianjin Delphi Suspension Systems Co., produces suspension dampers for the Chinese automotive market. Delphi said it chose to exit the agreement as part of its review of the efficiency of its global operations. "To allow better utilization of capital resources, operations that are not performing to expectations or have limited strategic value due to changing business priorities, must be addressed," said Alan S. Dawes, Delphi chief financial officer.