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Fire sale continues: GM to sell Nexteer

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Fire sale continues: GM to sell Nexteer

01/07/2010, 2:26 PMBY ANDREW GANZ

General Motors said today that it plans to sell its steering and driveline design and supply firm, Nexteer, as part of its general restructuring. Nexteer, based in Saginaw, Michigan, was bought back by GM during the spin off of its former Delphi unit in 1999.

According to Nexteer’s website, it employs about 6,200 workers worldwide and is led by former Delphi management.

“The sales process will begin immediately,” GM said in a statement released to the media. “GM intends to identify suitable potential buyers and conclude a transaction as soon as is practical.”

Nexteer supplies steering and driveline components to a variety of manufacturers, including GM, Ford, Chrysler, Toyota, Fiat and more, although about half of its sales are to GM.

It is unclear if the sale is in any way related to GM’s lawsuit against steering supplier JTEKT.



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