1999 Contributions to Delphi Hourly Pension Fund Exceed $1 Billion
17 December 1999
1999 Contributions to Delphi Hourly Pension Fund Exceed $1 BillionTROY, Mich., Dec. 17 -- Delphi Automotive Systems today announced it has used a portion of its strong year-to-date cash flow to pre-pay an additional $325 million to its U.S. hourly pension fund on December 15. This contribution brings total voluntary payments for the year to $1.2 billion. Delphi Chief Financial Officer Alan S. Dawes credited improvements in working capital and ongoing solid earnings for the strong cash flow that allowed Delphi to make the contribution. "Our continued strong cash flow levels have allowed us to further exceed federal regulatory minimum requirements for pension funding and aggressively pursue fully funding pension funds," said Dawes. "These contributions deliver value to our investors by positively influencing earnings in 2000 and beyond. Importantly, they show our employees that we are committed to funding employee pension plans so they can maintain their standard of living and continue to provide for themselves and their families," he continued. Delphi Automotive Systems, headquartered in Troy, Mich., USA, is a world leader in automotive components and systems technology. Delphi's three business sectors -- Dynamics & Propulsion; Safety, Thermal & Electrical Architecture; and Electronics & Mobile Communications -- provide comprehensive product solutions to complex customer needs. Delphi has approximately 201,000 employees and operates 168 wholly owned manufacturing sites, 38 joint ventures, 51 customer centers and sales offices and 27 technical centers in 36 countries. Regional headquarters are located in Paris, Tokyo and Sao Paulo, Brasil. Delphi can be found on the Internet at http://www.delphiauto.com .