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GM Offloads Nexteer to a Chinese Buyer

Beijing money is behind deal and a controversial contract.

by on Jul.08, 2010

Exporting more U.S. jobs?

General Motors has found a buyer for GM Global Steering Holdings, LLC, commonly known as Nexteer, its steering gear maker to a Chinese industrial group.

Nexteer’s proposed new owner is Pacific Century Motors, an entity formed by The Tempo Group and an affiliate of the Beijing Municipal Government.

PCM will acquire all of Nexteer’s operations, which has 6,200 employees in global steering and half-shaft operations, including 22 manufacturing facilities, six engineering facilities and 14 customer support centers located in North and South America, Europe and Asia.

Following the Export of U.S. Jobs!

Terms of the sale, which is expected to close by the end of the year, were not disclosed.