DELPHI SETS IPO PRICE AT $17 A SHARE IN GM SPLIT.Byline: Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Delphi Automotive Systems See ITS, embedded system, drive-by-wire, adaptive cruise control, collision avoidance system, autonomous vehicle, heads-up display, DSRC, lane departure system, CAN bus, FlexRay and SYNC. Corp. on Thursday priced its initial public offering of 100 million shares at $17 a share. Delphi, which is splitting off from automotive giant General Motors Corp., will raise $1.7 billion through the IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. . The company will begin trading on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . It is one of the largest offerings ever, though it is dwarfed by Conoco Inc's $4.5 billion IPO in October and Lucent Technologies Inc.'s $3 billion spinoff from AT&T Corp. in 1996. Delphi had expected to price its IPO between $15 and $18 a share. In a recent filing with the Securities and Exchange Commission, Delphi said it expects GM to remain its largest customer for a significant period, but its strategy will focus on broadening sales to other customers. Delphi no longer is ``a captive supplier to GM,'' the filing states. Delphi earned $370 million on revenue of $28.4 billion in 1998, which places it among America's largest corporations. Based in Troy, Mich., Delphi makes brakes, shocks, struts A framework for writing Web-based applications in Java that supports the Model-View-Controller (MVC) architecture. Struts is deployed as JSP pages using special tags from the Struts tag library, which includes routines for building forms, HTML rendering, storing and retrieving data and , air conditioners, compressors, steering systems steering system, in automobiles, steering wheel, gears, linkages, and other components used to control the direction of a vehicle's motion. Because of friction between the front tires and the road, especially in parking, effort is required to turn the steering wheel. , air bags and other automotive parts for about 30 automakers worldwide. Delphi has 204,000 employees in 36 countries. While GM will continue to hold more than 80 percent of Delphi's common stock, the Detroit-based company plans to distribute the remaining shares to GM shareholders later this year. |
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