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Part of GM's news release relative to spinning off Delphi
The spin-off will result in Delphi becoming a fully independent company on May 28, 1999. One hundred million shares of Delphi common stock were sold by Delphi in an initial public offering completed in February 1999.
Delphi's complete separation from GM through the spin-off provides Delphi the opportunity to achieve the full benefits of an independent company,” said J.T. Battenberg III, chairman, chief executive officer and president of Delphi.
We believe that we will have greater opportunities as a fully independent company to leverage our technical expertise in a broad range of product lines, our strong systems integration skills, our expansive global presence and our significant scale advantages,” Battenberg said.
GM and Delphi will have a significant ongoing customer-supplier relationship following the spin-off. Prior to Delphi's initial public offering in February 1999, the two companies entered into an agreement that is intended to provide Delphi with a substantial base of business with GM well into the next decade.
While General Motors will continue to be an important and, we hope, growing customer following the spin-off, Delphi's full independence will substantially help us expand our revenue base through sales to major automotive vehicle manufacturers other than GM,” Battenberg said.
GM Chairman and Chief Executive Officer, John F. Smith, Jr. said, “We believe that both companies will become stronger and more competitive in our respective businesses through focused growth, thus allowing us to better meet the needs of our customers, shareholders and employees.
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