Delphi Holdings LLP has announced that it had completed the acquisition of substantially all of Delphi Corporation's global core businesses as part of the consummation of the Delphi Corporation Modified Plan of Reorganization.

Rodney O’Neal will remain President and CEO and the current leadership will continue to manage the company’s global operations. “We are grateful for the support and loyalty of our customers, who have placed their trust in
Delphi’s ability to provide world-class products and uninterrupted supply, and the support of our suppliers who have contributed broadly to our efforts,” O’Neal said. “We are also thankful for the dedicated Delphi employees who remained focused on our customers, and the communities in which we operate for their unwavering support during the most challenging period in our history. Additionally, we are grateful for and recognize the sacrifice made by many constituent groups throughout our restructuring.”

Delphi’s balance sheet will be sufficiently capitalized to invest in technology, and to absorb planned restructuring and resultant social costs as the company consolidates excess capacity around the world, O’Neal said. “We expect 2010 gross engineering and R&D spending to be about 11 percent of sales, allowing us to maintain our intense focus on technologies, products and services that help our customers deliver vehicles that are safer, greener and allow purchasers to remain connected to their busy lives.”

The company’s product portfolio remains centered on electronics and safety; powertrain; thermal; electrical and electronic systems; OE service; and the independent aftermarket. “We are clearly focused on game-changing technologies that meet market demands and help address societal concerns in an intense global environment. We expect that the industry and the competitive environment will c