Content area
Full Text
Delphi Automotive Systems Corp.'s January spinoff from General Motors Corp. and initial public stock offering last week are good news for the auto-parts company's 3,700 Rochester workers, a Delphi spokesman says.
In fact, the move from GM unit to independent supplier should be good news for virtually all its workers, said Peter Rowe, speaking this week from the company's Troy, Mich., headquarters.
Concurring is Gary Frank, first vice president of United Auto Workers Local 1097, which represents union workers at the Rochester Delphi plant. "I'm looking at (the recent developments) optimistically," he said..
Delphi (NYSE: DPH) last week mounted a 100 million share IPO. In its first day of trading, the stock rose to $18.44 a share from an opening price of $17, netting Delphi $2.2 billion in what was the seventh-largest domestic new issue in history.
Delphi shares, which rose as high as $19 during the past week, were trading in the $18 range Wednesday.
Frank--who was among 21,000 of the firm's 83,000 workers to take advantage of an offer to buy shares...