Delphi Automotive to join benchmark S&P 500 index

NEW YORK (AP) -- Parts supplier Delphi Automotive plc will replace Titanium Metals Corp. in the benchmark S&P 500 index after the close of trading Friday, Standard and Poor's said Tuesday.

Precision Castparts Corp. is in the process of acquiring Titanium for about $2.9 billion.

Delphi, which makes transmission controls, heating and air conditioning systems, safety components and electronics, was spun off from General Motors in 1999. High labor costs and GM production cuts sent the company into bankruptcy protection in 2005, but it emerged four years later after being bought by a group of investors. The company, now based in the U.K., went public again just over a year ago at $22 a share.

Delphi shares rose 8 cents to close at $34.45 in regular trading, then they rose 4.5 percent to $35.99 in after-hours trading.