Auto parts maker Delphi Automotive Plc (DLPH.N) is looking to sell its business that makes heating and cooling systems for cars, and will seek as much as $1 billion, Bloomberg reported, citing people with knowledge of the matter.

Delphi has approached companies including French automotive supplier Valeo SA (VLOF.PA) and South Korea's Halla Holdings Corp (060980.KS) and is planning to meet with potential buyers this week, Bloomberg reported.

Delphi, which is working with a financial adviser on the sale, could use the sale proceeds to bolster its core areas includingelectronics, safety systems or engines and transmission technologies, Bloomberg reported.

Delphi spokeswoman Claudia Tapia said the company did not comment on speculation or rumors.