GM Reaches Agreement On The Sale Of Nexteer Automotive

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General Motors and Pacific Century Motors (PCM) announced they have reached an agreement for GM to sell GM Global Steering Holdings, LLC, commonly known as Nexteer, to PCM.  Terms of the sale were not disclosed.

The sale of the Nexteer business covers 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 sale of Nexteer to PCM supports our objective to focus on our core auto business and is the final step in our efforts to position Nexteer as an independent supplier.  The sale better enables Nexteer to take advantage of anticipated growth in the global auto industry with a variety of automakers," said Stephen J. Girsky, GM Vice Chairman, Corporate Strategy, and Business Development. "Ultimately, it’s a move we believe will make it a more vibrant and healthier business."