Delphi Secures $1.2 Billion in Global Steering Column Business in '04
Strong demand for energy absorbing steering columns brings 26 new programs to Delphi
TROY, Mich., March 31 -- Delphi Corporation booked more than $1.2 billion in new steering column business globally last year, company officials said today.
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The new business bookings include eight OEM customers spanning several regions including North America, Europe, Asia and South America, and 26 new customer programs total. Details of individual contracts remain confidential at the customers' request.
"Our column team was very successful at broadening its customer base and global presence last year, which is important to Delphi," said Robert J. Remenar, Delphi Steering president. "We continue to demonstrate that we can support our customers in every region with high quality products and seamless execution."
"Delphi Steering has led the column industry for more than 40 years and provides vehicle expertise that allows us to assist our customers with a deeper level of service, often addressing broader vehicle level challenges," said Gregory D. Kochendorfer, Delphi Steering global director of sales, marketing and planning. "Our customers value this extended knowledge as steering columns have become a main point of interface for key vehicle systems."
Steering columns used to be simple, mechanical devices. Now, they're one of the more complicated subsystems on a vehicle. A steering column is a critical safety device that affects the vehicle's crash worthiness, handling, control, comfort, convenience, and even styling.
Fueled by governmental agency research and mandates, safety continues to be a major focal point for consumers and vehicle manufacturers. A recent NHTSA report shows traditional energy-absorbing steering columns helped saved 53,000 lives from 1960 to 2002, second only to seat belts. In correlation, Delphi's new steering column contracts won in 2004 are nearly 100 percent energy-absorbing steering columns with the exception of some tractor business and small base car platforms.
"Our customers continue to turn to Delphi for leading edge energy absorbing steering column technology to help improve their safety ratings," said Daniel B. Crishon, Delphi Steering business line executive, steering columns. "Our focus is on developing ways to further increase the level of safety gained from energy absorption through innovative integration with other safety systems."
For more information about Delphi and its operating subsidiaries, visit Delphi's Virtual Press Room at http://www.delphi.com/media/ .
Forward-Looking Statement
All statements contained or incorporated in this press release which address operating performance, events or developments that we expect or anticipate may occur in the future (including statements relating to future sales or earnings expectations, volume growth and awarded sales contracts 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 our forward-looking statements are discussed in detail in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2001. In particular, the achievement of projected levels of revenue over a long-term supply contract will depend in part on vehicle production rates which may be affected by, among other things, changes in operations, financial condition or market share of our customer and changes in general economic conditions, changes in the automotive industry and changes in our ability to satisfy service, technology, quality and reliability requirements. Delphi does not intend or assume any obligation to update any of these forward-looking statements.
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