GM closes sale of Nexteer to Chinese manufacturer
Nov 30, 2010 | 09:02 AM
| Corinna Petry
General Motors Co., on Tuesday completed its sale of Nexteer Automotive to Pacific Century Motor Systems Co. Ltd. (PCM) of China. The sale includes Nexteer's global steering and halfshaft operations, plus 22 manufacturing facilities, six engineering facilities and 14 customer support centers in North and South America.
The Detroit automaker did not disclose the terms of the sale. However, Xinhua, China's official news agency, reported the selling price at $420 million. PCM acknowledged that the Nexteer acquisition marks the largest Chinese investment to date in a U.S.-based auto supplier. Saginaw, Mich., will remain the worldwide headquarters of Nexteer and its center for engineering, research and development. ....
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