China Beginning U.S. Auto Takeover In Saginaw? 11-10-2010 - WNEM TV 5

China Beginning U.S. Auto Takeover In Saginaw? 11-10-2010

SAGINAW, Mich. -- In July, General Motors and Pacific Century Motors announced they reached an agreement for GM to sell GM Global Steering Holdings LLC, commonly known as Nexteer, to PCM.
Now, months later, the transaction is nearing final approval -- making the China-based company the largest private employer in Saginaw County.
The $450 million deal will mark first time Chinese investors have bought a U.S. industrial operation of such scale and history.
PCM will oversee 22 manufacturing facilities, six engineering facilities and 14 customer support centers located in North and South America, Europe and Asia from will all be run from Saginaw.
Nexteer currently employs about 8,300 people around the world.
WNEM TV5’s Jonathon Lowe reported local residents he talked with had mixed feelings about the sale.
Some were concerned that America will take hit as cash-rich China looks to invest more in the U.S. auto sector, while others were just happy to see jobs being preserved in a struggling automotive region.
You can see his full report by clicking the video below:
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