Delphi Secures More Than $700 Million in New Column Business During First Quarter 2004
Delphi's steering column business builds momentum with new business in North America, Europe and Asia-Pacific
SAGINAW, Mich., May 19 -- Delphi Corporation continues to strengthen its position as a leader in the global steering column occupant protection market with nine new business wins during the first quarter of 2004 for vehicles across North America, Europe and Asia Pacific. The contracts secured will bring Delphi more than $100 million in annual sales revenue, or more than $700 million over the life of the contracts.
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Details of the individual contracts remain confidential at the customers' request.
"We are building sales momentum throughout the world," said Dan Crishon, business line executive, steering columns. "Delphi's expertise in occupant protection and electrical subsystems integration plays a key role in our ability to satisfy our customers' steering column requirements."
Two contracts in Europe and one in North America will feature Delphi's rake and telescope columns. Four contracts won in Asia Pacific include tilt and telescopic as well as rake and standard columns in both floor- and column- shift models. Two other new business wins in North America will feature floor- and column-shift standard and tilt columns. Each of these columns incorporates Delphi's industry-leading energy absorbing technology.
"We were the first to introduce energy absorbing steering columns into the market in 1967 and we continue to lead the industry in safety standards today," said Robert J. Remenar, president of Delphi Steering.
Steering columns are the primary driver-to-vehicle interface during a collision and are critical to occupant safety. Delphi's active energy absorbing column is designed to help minimize injury by ensuring the column absorption load is well-matched to the driver and crash severity.
Today, every Delphi column acts as part of an integrated system for occupant protection, which builds on Delphi's reputation for excellence in helping its customers improve vehicle crashworthiness and provide superior occupant protection. Delphi's portfolio of energy absorbing devices includes ball and sleeve, deformable bending brackets, tuned metal straps and active energy absorbing devices.
Delphi's active energy absorbing device uses a pyrotechnic actuator to optimize the energy absorbed prior to a collision by responding to a number of variables that could include driver size, seat position and seat belt usage. The active energy absorbing steering column acts many times in conjunction with a dual-stage airbag as part of an integrated safety system to help protect drivers.
"Delphi's advanced energy absorbing expertise is setting industry standards around the world," said Remenar. "With over 90 years of experience and more than 300 column engineers worldwide, Delphi has the technology and vehicle systems expertise to help today's manufacturers solve the most complicated steering column challenges and improve occupant safety."
For more information about Delphi and its operating subsidiaries, visit Delphi's Virtual Press Room at www.delphi.com/media/ .
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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