GM completes sale of global steering business to Chinese company
(November 30, 2010) DETROIT — General Motors today confirmed the completion of the sale of Nexteer Automotive to Pacific Century Motors, effective today.
The sale of Nexteer’s business includes global steering and halfshaft operations including 22 manufacturing facilities, six engineering facilities and 14 customer support centers located in North and South America, Europe and Asia.
The terms of the sale were not disclosed.
Nexteer is based in Saginaw, Mich.
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.
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.
Source: General Motors, The Detroit News