Nexteer Automotive plans nearly $70M investment - WNEM TV 5

Nexteer Automotive plans nearly $70M investment

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SAGINAW COUNTY, MI (WNEM/AP) -

Automotive parts supplier Nexteer Automotive says it's investing nearly $70 million at its Saginaw headquarters and plans to add 325 jobs.

The company announced Friday that it got a new steering system contract with a major North American automaker, leading to the planned investment.

The expansion will allow the company to build a new 12-volt power steering rack system.

Nexteer Automotive says the money will also be used to upgrade and expand Nexteer's development, manufacturing and testing capabilities.

A vehicle equipped with electric power steering allows it to attain a slightly better fuel efficiency due to the system not creating a drag on the engine as tradition hydraulic power steering does.

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Online: http://www.nexteer.com

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