|
TOKYO (AP) - Delphi Corp., a major U.S. auto parts-maker that does the bulk of its business with General Motors, has sold its entire stake in Akebono Brake Industry Co. of Japan, both sides said Wednesday.
Delphi, based in Troy, Michigan, sold 5.5 million Akebono shares last month, and Akebono bought back 3.5 million for 2.36 billion yen ($21 million), the Japanese brake-maker said.
Delphi, spun off from General Motors Corp. in 1999, reported a $403 million loss for the first quarter of this year, hurt by falling sales and production cuts at GM.
|
|