General Motors reports that it has come to an agreement to sell its Nexteer steering operations. Nexteer, which had $6.2 billion in revenue as recently as 2008, was acquired by GM as part of a deal to help Delphi exit bankruptcy. The buyer? Pacific Century Motors, which is part of The Tempo Group with ties to the government in Beijing.
With Delphi's recent announcement that it will close over twenty plants in the US, and dramatically slim its number of "core competencies," General Motors is not just looking for new sources for business that Delphi wants to dump - it's trying to talk its best suppliers into purchasing complete business units from the bankrupt supplier. This according to GM purchasing chief Bo Andersson, who shared the news at a supplier meeting set up by the Original Equipment Manufactu