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Published: Friday, 2/22/2008

Sandusky site part of Delphi sale

The Sandusky Delphi Corp. plant and others in the wheel bearings business has been sold to Kyklos Inc., of Novi, Mich.

Delphi, in bankruptcy protection since 2005, said last month it had reached an agreement to sell the bearings business to Resilience Capital Partners.

But because the business attracted several bidders, bankruptcy court required an auction, and Kyklos was the winning bidder. The sale includes machinery, inventory, supplier contracts, and the Ohio factory. The business is a primary North American supplier of wheel bearings to General Motors Corp., the buyer said.

The number of employees at the Sandusky plant wasn't immediately clear.

Delphi and Kyklos didn't immediately reveal how much the deal was worth, but Resilience had offered up to $44.2 million.

Kyklos is a subsidiary of Hephaestus Holdings Inc., which makes forged parts for the North American automotive industry.

The U.S. Bankruptcy Court in New York will consider the sale in a hearing March 19.

Delphi and Kyklos hope to close the transaction by April 30.

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