Pacific Century Motors Takes Over At Nexteer 11-29-2010 - WNEM TV 5

Pacific Century Motors Takes Over At Nexteer 11-29-2010

General Motors Company confirmed on Monday the completion of the sale of Nexteer Automotive, the Buena Vista Township-based company, to China's Pacific Century Motors.
A ceremony was held at 2 p.m. to mark the completion of the sale. General Motors Co. sold the plant to PCM for $450 million last July.
Saginaw will remain the worldwide headquarters for Nexteer and the key center for engineering, research and development.
At the time, GM said the sale of Nexteer positions the company for greater growth potential as an independent auto supplier through expansion of its customer base and growth in key emerging markets, especially in the Asia-Pacific region, where PCM has an established presence and continues to expand in the dynamic Chinese automotive market.
With the sale completed, the city of Beijing will become the largest employer in Saginaw County.
The current management team will remain in place under the leadership of CEO Robert J. Remenar.
“We are committed to building on the hard work and success of the management team and everyone at Nexteer,” said Mr. Zhao Guangyi, chairman of the board of E-Town and PCM. “As the new ownership, PCM is proud to provide access to continued capital investment that will allow Nexteer to continue its global growth in technology and manufacturing, particularly in the China market.”
“With a well-capitalized owner committed to growing the business, we can focus all of our resources on our industry-leading engineering and product development,” said Remenar. “This sale was an important move for us to strengthen a diverse, global customer base and build on our current growth trajectory.”
The sale of the Nexteer business covers 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.
GM announced in January that it planned to sell Nexteer, which it acquired last year as part of the bankruptcy of auto parts supplier Delphi Corp. Delphi was GM's parts-making unit until it was spun off as an independent entity in 1999.
Nexteer currently employs about 8,300 people around the world.
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