Garrett Motion has entered an agreement for KPS Capital Partners to purchase its business, subject to court approval and customary closing conditions. 

“Since becoming independent nearly two years ago, Garrett’s teams have worked tirelessly to strengthen the 65-year legacy of automotive innovation by developing differentiated technologies and solutions like the E-Turbo and automotive software, and by reinforcing its operational excellence and global customer experience,” a company release stated. “Garrett’s fundamentals are strong, but the heavy debt load and liabilities the Company inherited following the spin-off from Honeywell, compounded by the financial strains of COVID-19, have created a significant long-term burden on its business development.” 

Garrett also announced the company had launched a debt restructuring process through a Chapter 11 filing with the U.S. Bankruptcy Court in New York. 

Garrett intends to operate without interruption during the process, according to the company.

For more information, visit garrettmotion.com.