Delphi announces post spinoff names
Delphi Automotive PLC announced that Aptiv and Delphi Technologies will be the names of the two publicly traded companies that will result from the company's previously announced spinoff of its Powertrain Systems segment. The company made the announcement during its Investor Day in Boston, where it discussed the business strategies for both companies. In addition, the company announced that it will hold a special meeting of shareholders on Tuesday, November 7, 2017 at 9:00 a.m. EST to seek shareholder approval of the name change.
"The names Aptiv and Delphi Technologies clearly reflect the independent identities, visions, and directions of the two companies, each a global leader in its industry," said Kevin Clark, Delphi President and Chief Executive Officer. "Both will continue to embody Delphi's core themes of safe, green, and connected, with the autonomy and expertise to react to the rapidly changing dynamics in the automotive industry and solve its customers' most complex challenges. Customers, employees, partners, and shareholders will benefit from the separation into two independent and well-resourced companies with the flexibility to invest and grow even faster and more profitably than today."
Aptiv, which comprises the Electronics & Safety and Electrical/Electronic Architecture businesses, will focus on accelerating the commercialization of active safety, autonomous driving, enhanced user experiences, and connected services. Its goal is to provide the software, advanced computing platforms, and networking architecture required to do so.
Clark, who will remain as CEO of Aptiv, continued, "The vehicle has evolved and so have we. We have expanded upon our heritage of industry firsts with advanced software capabilities and deep systems integration expertise, enabling us to develop intelligent solutions to meet mobility's toughest challenges. The future demands executional excellence, and this is where Aptiv thrives. The name 'Aptiv' reflects knowledge, adaptiveness and drive, as well as an ability to not only envision the future, but to make it real."
The powertrain business will carry the name Delphi Technologies. It will focus on enabling advanced vehicle propulsion through combustion, software and controls, and electrification.
"The entire Delphi Technologies organization is energized to move forward as a focused company," said Liam Butterworth, who will become CEO of Delphi following completion of the spin, and is currently Senior Vice President and President of Powertrain. "We are uniquely positioned with the technical competency and execution capability to deliver advanced vehicle propulsion systems that help our customers meet increasingly stringent regulatory standards while unlocking the power to support the ever-increasing electrical content being added to vehicles."
Following completion of the spinoff, expected to occur by the end of March, 2018, Aptiv will begin trading under the ticker symbol “APTV,” and Delphi Technologies will trade under the ticker symbol “DLPH.” Both Aptiv and Delphi Technologies will unveil their new brands at the Consumer Electronics Show (CES) in January 2018.