The auto parts maker Delphi plans to split itself into two companies early next year.
The Delphi spinoff, targeted to take place before April, may become more common in the industry as companies separate older businesses from their more advanced technology wings. Sweden’s Autoliv also plans a split, with one company making passive devices like air bags, and the other focusing on electronics that prevent crashes.
One Delphi company, called Aptiv, will focus on electronic safety systems, autonomous cars and the electrical backbone of vehicles. The other will be named Delphi Technologies and will focus on combustion engine parts, software controls and electric vehicle components.
Delphi Automotive PLC announced the names of the companies at its investor day Wednesday in Boston. Shareholders will vote on the split Nov. 7.
Source: Associated Press