Delphi Wins $80 Million in New Business With Key Customer
Agreement With Sunrise Medical Solidifies Position in Durable Medical Equipment Segment
TROY, Mich., Feb. 9 -- Delphi Corp.'s subsidiary, Delphi Medical Systems Corporation, secured $80 million in new business with Sunrise Medical, one of the world's largest manufacturers of homecare and extended care products. Over the course of this multi-year contract, Delphi Medical Systems Corporation will develop and supply systems and components for Sunrise Medical, bringing world-class technology to the high value areas of Sunrise's product portfolio.
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"We are proud to be working with Sunrise on this significant win in our advancement into the medical devices market," said John G. Blahnik, president of Delphi Medical Systems Corporation. "Delphi's history of developing innovative technology will help bring new features in comfort, convenience and electronic enhancement to Sunrise and its customers."
Sunrise Medical will leverage Delphi's substantial experience in engineering, technology and systems integration to provide leading edge products to differentiate itself from its competitors.
Michael Hammes, Chairman and CEO of Sunrise Medical, said, "We are pleased to enter into this agreement with Delphi Medical Systems Corporation. Delphi's established experience in systems integration and engineering, combined with its world-class manufacturing strength will enable Sunrise Medical to bring to our industry sophisticated technology solutions that will improve the function and durability of key products in our portfolio, meeting stringent performance standards that are expected in automobiles everyday."
Sunrise Medical is one of the world's largest manufacturers of homecare and extended care products. Founded in 1983, the Sunrise Medical family of products has been built from many of the most popular brands in the homecare industry including Quickie, Sopur, Jay, DeVilbiss, Hoyer, Guardian, Coopers, Oxford and Joerns. Sunrise operates manufacturing facilities in the United States, Mexico, the United Kingdom, Germany, and Spain and its products are distributed to suppliers through dedicated sales organizations and distributors in more than 90 countries worldwide.
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FORWARD LOOKING STATEMENT
All statements contained or incorporated in this press release which address operating performance, events or developments that Delphi Corporation expects or anticipates may occur in the future (including statements relating to future sales, cash flow or earnings expectations, savings expected as a result of Delphi's global restructurings or other initiatives, portfolio restructuring plans, volume growth, awarded sales contracts and customer diversification expectations or statements expressing general optimism about future operating results) are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management's current views and assumptions with respect to future events. Important factors, risks and uncertainties which may cause actual results to differ from those expressed in Delphi's forward-looking statements are discussed in detail in Delphi's filings with the Securities and Exchange Commission, including Delphi's annual report on Form 10-K for the year ended December 31, 2003. In particular, the achievement of projected levels of revenue, earnings, cash flow and debt levels will depend on our ability to execute our portfolio and other global restructuring plans in a manner which satisfactorily addresses any resultant antitrust or labor issues and customer concerns, any contingent liabilities related to divestitures or integration costs associated with acquisitions, and other matters; our continued ability to diversify Delphi's customer base and still maintain existing GM business; the continued protection and exploitation of Delphi's intellectual property to develop new products and enter new markets; and Delphi's ability to capture expected benefits of Delphi's cost reduction initiatives so as to maintain flexibility to respond to adverse and cyclical changes in general economic conditions and in the automotive industry in each market Delphi operates, including customer cost reduction initiatives, potential increases in warranty costs, pension contributions, healthcare costs, disruptions in the labor, commodities or transportation markets caused by terrorism or war and other changes in the political and regulatory environments where we do business. Delphi does not intend or assume any obligation to update any of these forward-looking statements.
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