Back in January, we reported on GM’s intention to sell Nexteer Automotive, a former Delphi arm which manufactures steering assemblies and drivelines. Now, GM has announced that Nexteer, which is officially named GM Global Steering Holdings LLC, has been sold to Pacific Century Motors (PCM).
While GM did not release the terms of the sale, the deal will include 22 manufacturing facilities and global steering and halfshaft operations, 6 engineering facilities, and 14 customer support centers in North and South America, Europe, and Asia.
GM’s Vice Chairman of Corporate Strategy and Business Development, Steven Girsky, commented that “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 puts Nexteer in a better position for growth and will allow the company to capitalize on the growing market in the Asia-Pacific region, where PCM already has a strong presence.
“The new ownership is a tremendously exciting opportunity for Nexteer. Nexteer has grown to become a global leader in steering and driveline products, and our team will be working with the new owners to build on this great foundation,” said Robert J. Remenar, President of Nexteer.
With proper regulatory approval, the sale should be complete by year’s end.