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GM sells steering unit to China as it focuses on cars
GENERAL Motors (GM) said yesterday it has agreed to sell its Nexteer Automotive unit to a group backed by the Beijing government to focus on its core car-making business.
GM said it reached a definite agreement to sell the maker of steering systems to Pacific Century Motors, a joint venture between Chinese auto parts supplier Tempo Group and the financing and investing arm of the Beijing municipal government.
Financial terms of the deal were not disclosed. GM aims to close the deal by the end of the year, pending regulatory approvals. The automaker had been looking to sell Nexteer after it bought the business in October from Delphi, its former parts subsidiary.