Detroit Free Press- Delphi Corp. has hired a Detroit investment bank to find a buyer for its brake business, which has been for sale for more than two years.
The Troy supplier said Monday that it hired W.Y. Campbell & Co., owned by Comerica Bank, to sell the business, which employs 1,000 people, including 100 in Michigan.
Delphi already has sold portions of its brake business in Mexico and Saginaw. Delphi hired W.Y. Campbell to sell the rest of the business, which includes technical centers in Brighton, Dayton, Ohio, and Shanghai, as well as three factories in Mexico and China. The brake business is expected to generate $295 million in revenue this year.
Delphi, with total sales of $22.3 billion last year, is trying to sell its brake business at time when it has become tougher for companies to find buyers for unwanted units.