February 21, 2008 -- Delphi Corp. said Thursday it received final court approval to sell its global steering and halfshaft business to Steering Solutions Corp., an affiliate of Platinum Equity LLC.

The sale includes all facets of the $2.7 billion global steering and halfshaft business, which produces electric and hydraulic steering systems, steering columns, halfshafts and constant velocity joints for original equipment manufacturers, the company said.

The deal is expected to close by March 31.

Troy, Mich.-based Delphi is a former arm of General Motors Corp. The company has operated in bankruptcy since October 2005.

Source: AFX International Focus