Milwaukee-based Strattec Security Corp., in combination with Witte Automotive of Velbert, Germany, and Vehicle Access Systems Technology (VAST) LLC, has reached a definitive agreement to acquire certain assets of Delphi Corp.’s Power Products business for $7.8 million, subject to closing adjustments. The assets will consist primarily of equipment and inventory, and some employee liabilities. The assets will not include any of Delphi’s operations in Oak Creek.
Strattec will acquire the North American portion of Delphi’s Power Products business. Witte will acquire the European portion, and VAST will acquire the Asian portion. The transaction is subject to both customary and other closing conditions relating to Delphi’s bankruptcy court proceedings. Strattec expects to complete the acquisition before the end of the year.
Delphi’s Power Products business designs, develops, tests, manufactures, markets and sells power systems to operate vehicle sliding side doors, and rear compartment access points such as liftgates and trunk lids. In addition, the product line includes power cinching latches and power cinching strikers used in those systems. Current customers for these products supplied from North America are Chrysler LLC, Hyundai Motor Company, General Motors Corp. and Ford Motor Co.