Sale of GM’s Nexteer unit to Chinese company finalized

November 29, 2010 http://detnews.com/article/20101129/AUTO01/11290379

Sale of GM’s Nexteer unit to Chinese company finalized

CHRISTINA ROGERS
The Detroit News

General Motors Co. has closed on a deal to sell off its Saginaw-based steering business to a Chinese company called Pacific Century Motors — the single largest Chinese investment in the global auto supplier industry ever, the company said today.

The sale will be completed Tuesday. Saginaw will remain Nexteer’s worldwide headquarters.

The deal includes the company’s steering and halfshaft operations, 22 manufacturing plants, six engineering sites and 14 customer support centers in North and South America, Europe and Asia.

Nexteer President Robert Remenar will continue to lead the company, along with his executive staff. Nexteer’s clients include GM, Fiat SpA, Ford Motor Co. and Toyota Motor Corp.

GM first acquired four Delphi plants and the global steering business in 2009, as part of $3 billion in financing to help auto supplier Delphi emerge from bankruptcy.

Pacific Century Motors is a joint venture formed by Beijing-based auto parts maker The Tempo Group and an affiliate of the Beijing municipal government.

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