“Delphi Automotive PLC, once the world’s largest automotive parts maker before a lengthy stay in bankruptcy protection, plans a return to public stock markets, the latest sign that the U.S. auto industry has regained its footing.
The company registered to sell as much as $100 million in shares with proceeds being used to acquire equipment and repay debt. A Delphi spokesman declined Thursday to specify when the IPO could take place. The number of shares to be offered or price range wasn’t disclosed in its filing on Wednesday.
After shedding 70 of its facilities and cutting 83,000, Delphi said it intends to use its lower-cost structure to win new business from auto makers around the world. The Troy, Mich., parts maker earned $291 million in the quarter ended March 31, up from $215 million a year earlier. Revenue jumped 17% to $4 billion.
The company said it will focus on producing and selling products that fits with what it calls the “future mega trends” of the auto industry—safety, environmentally friendly and connected. Its product portfolio now contains electronics, powertrain systems such as fuel-injection technologies, electrical architectures within the vehicles, and thermal parts for heating and cooling.”
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