Delphi Automotive LLP, the Michigan based automotive parts supplier announced that will expand its capacity in Tangier, Morocco, where it manufactures advanced wiring systems for vehicle manufacturers throughout Europe.
The company also said that almost 1,200 new jobs have been created since the beginning of the year and recruitment will continue into next year to support the growing demand for smaller, lighter and more efficient electrical/electronic distribution systems.
The announcement comes shortly after Delphi raised $530 million in its initial public offering, pricing the shares at the low of the range.
Up to 24.1 million shares, or about 7% of its outstanding shares, were offered. Most, or about 20.6 million shares, are held by Delphi’s largest shareholder, the hedge fund Paulson & Co.
Since 2005, when it was the largest U.S. auto components supplier, Delphi has whittled down its business and simplified its capital structure.
For the first nine months of this year, Delphi posted a profit of $911 million, up 49 percent from $612 million in the same period last year. Sales rose 19 percent to $12.1 billion from $10.2 billion.