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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]
Show full PR text
GM Finalizes Sale of Nexteer to Pacific Century Motors

DETROIT – General Motors Company today confirmed the completion of the sale of Nexteer Automotive to Pacific Century Motors, effective November 30, 2010.

The sale of Nexteer's business includes 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 terms of the sale were not disclosed.

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    • 1 Second Ago
      • 4 Years Ago
      Pac Century basically stole this... great for them, horrible for GM. Sad
        • 4 Years Ago
        That's what usually happens in bankruptcy. It's a lot cheaper off the courthouse steps than it is on the open market.

        Let's see if they maintain the same level of quality or if they will just shut down the North American operations and use cut-rate manufacturing operations in China.
        • 4 Years Ago
        A sales contract materializes only if both sides view the sale as a win. To say the deal was bad for GM and good for the Chinese company is an opinion tainted with bias. Someone's halo is suffering from over exposure.
      • 4 Years Ago
      Next step the Chinese slowly begin moving assembly to China while retaining (for a while) the R&D centers in the U.S. until they learn how to design the steeing system themselves.

      I am suprised no Private Equity firm was interested.
      • 4 Years Ago
      Just think of all those jobs we saved!

      ...in China! :P