General Motors to Sell Steering Unit to Chinese Group

Before you go, we thought you'd like these...
Before you go close icon
General Motors will sell its Nexteer Automotive unit to a Chinese government-backed consortium.

GM said Wednesday that it had agreed a deal to sell Nexteer, which makes steering systems, to a joint venture between Chinese auto parts supplier Tempo Group and the investment arm of the Beijing municipal government, Reuters reported.

The American company did not release a price for the sale. Media reports put it at around $450 million.

GM, which will file for a multi-billion dollar IPO in the next few weeks, aims to close the deal in 2010, Reuters said.

Nexteer had global revenue of over $2 billion in 2008. It is based in Saginaw, Mich., and has over 6,000 employees worldwide.
Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners