Delphi cuts dividend for second time in 2005

Newswire

CHICAGO, June 22 (Reuters) - Auto parts supplier Delphi Corp. on Wednesday cut its dividend for the second time in 2005 to conserve cash for its restructuring and cope with production cuts at former parent General Motors Corp. Delphi's board cut its dividend to 1.5 cents per share from 3 cents per share, payable Aug. 2 for shareholders of record at the close of business on July 5. The Troy, Michigan-based parts maker has struggled under high wage and benefit costs since its spinoff from ...

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