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Sale of GM's Nexteer unit to Chinese company finalized


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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.

From The Detroit News: http://detnews.com/article/20101129/AUTO01/11290379/Sale-of-GM-s-Nexteer-unit-to-Chinese-company-finalized#ixzz16igvHdNh

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Saginaw-based supplier Nexteer being sold to Chinese firm Pacific Century Motors

By ZLATI MEYER

FREE PRESS BUSINESS WRITER

General Motors officially sold Nexteer Automotive, maker of advanced steering and driveline systems, to Pacific Century Motors on Monday, in what's being described as one of the largest Chinese investments in an American auto supplier.

Financial terms of the deal, which takes effect today, were not disclosed.

Pacific Century Motors is composed primarily of an affiliate of the Beijing municipal government, Beijing E-Town International.

"PCM has bought a rich, high-tech enterprise with huge potential," said Nexteer CEO Bob Remenar, who will be on the new board. He called it a "very exciting day in Nexteer's 104-year history."

Saginaw-based Nexteer employs 8,300 people worldwide, including 3,500 in the U.S.

"We believe the future development of Nexteer, it is bright," Zhao Guangyi, chairman of Nexteer Automotive and Pacific Century Motors, said through a translator. "This is one of biggest acquisitions in China, in terms of automotive parts. ... Nexteer is capable of becoming the most powerful and influential supplier in the world."

The deal was first announced in July.

Read more: Saginaw-based supplier Nexteer being sold to Chinese firm Pacific Century Motors | freep.com | Detroit Free Press http://www.freep.com/article/20101130/BUSINESS01/11300390/Saginaw-based-supplier-Nexteer-being-sold-to-Chinese-firm-Pacific-Century-Motors#ixzz16lzSjs5P

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GM finalizes Nexteer sale to China

by Chris Shunk (RSS feed) on Dec 2nd 2010 at 8:26AM

General Motors has been looking to offload Nexteer Automotive from the moment it received the business as part of the deal to help Delphi exit bankruptcy. The Detroit automaker indicated that it agreed to terms with Chinese company Pacific Century Motors back in July, and now, The General has officially announced that the paperwork is now signed, sealed and delivered.

Pacific Century takes delivery of a company with 22 steering and halfshaft manufacturing facilities, six engineering facilities and 14 customer support centers spanning the globe. The company, which relies on GM for nearly half of its business, had $6.2 billion as recently as 2008. Terms of the deal were not disclosed. Hit the jump to read over GM's brief press release.

[source: General Motors]

Show full PR text

GM Finalizes Sale of Nexteer to Pacific Century Motors

DETROIT – General Motors Company today confirmed the completion of the sale of Nexteer Automotive to Pacific Century Motors, effective November 30, 2010.

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.

link:

http://www.autoblog.com/2010/12/02/gm-finalizes-nexteer-sale-to-china/

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