August 17, 2007 -- Belgian metals giant Umicore's $75 million bid to buy Delphi Corp.'s automotive catalyst plant at the Tulsa Port of Catoosa was approved Thursday by a federal bankruptcy judge in New York. It was not known how many of Delphi's 300 local jobs will be retained by Umicore after the acquisition is complete. Company executives, however, previously expressed excitement about expanding Umicore's move into the U.S. catalyst market.
Umicore also is buying Troy, Mich.-based Delphi's research facility in Tulsa as part of the deal. In addition, manufacturing plants in Florange, France, and Port Elizabeth, South Africa, are included in the purchase. The Belgian firm hopes to close on the deal before the end of the year, according to reports.
The U.S. Bankruptcy Court for New York's Southern District approved Oxnard, Calif.-based Catalytic Solutions Inc. as the alternate bidder during an Aug. 8 auction. Delphi can sell its catalyst operations to CSI if the Umicore transaction falls through, according to a release. Umicore announced its intention to buy Delphi's catalyst operations in June. The prospective buyer eventually had to raise its original $55.6 million bid by $19.4 million.
The Tulsa Port of Catoosa facility's fate has been hanging in the balance since Delphi filed for bankruptcy in October 2005. More than a year ago, the Troy, Mich.-based company omitted its catalyst operation from a list of "core facilities." The plant's history dates back to 1973, when Universal Oil Products opened a division there, according to reports. Umicore's integration plan indicated that its purchase will deliver $80 million worth of working capital, a customer book, more than 70 patents and other assets in China, Australia, Mexico and India, according to reports.
Source: McClatchy-Tribune Regional News
Source: Factiva
