Delphi Agrees to Sell Bearings Business to Kyklos

Delphi Corp. said Thursday it has entered into a purchase agreement with Kyklos Inc., a subsidiary of Hephaestus Holdings Inc., for the sale of its bearings business.Financial terms weren't disclosed.

The sale is subject to certain customary closing conditions, including approval by the U.S. Bankruptcy Court for the Southern District of New York at a hearing on March 19, the Troy, Mich.-based auto parts company said.

The deal is expected to close by April 30.

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