Filed under: China, Plants/Manufacturing, GM, Earnings/Financials
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]
Continue reading GM finalizes Nexteer sale to China
GM finalizes Nexteer sale to China originally appeared on Autoblog on Thu, 02 Dec 2010 08:26:00 EST. Please see our terms for use of feeds.
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02-12-2010, 04:30 PM
