Only three months after GM's new Global Steering Holdings established Nexteer Automotive from the remains of supplier Delphi, the parent company decided enough is enough and announced it will sell the unit.
"GM recognizes the value of the global steering and driveline operations and seeks to realign Nexteer as a wholly independent entity, thus better positioning its business for growth among a wide range of global OEM customers," GM's statement regarding Nexteer says.
"The sales process will begin immediately. GM intends to identify suitable potential buyers and conclude a transaction as soon as is practical."
Back in October, when Nexteer was set up, is was regarded as "the only global Tier One automotive supplier exclusively focused on advanced steering and driveline technology."
Nexteer took over most of Delphi's Steering assets, including 15 manufacturing plants, six engineering and 14 customer service centers in both Americas, Europe and Asia. The new company has some 6,200 employees.
Following the Delphi four-year long bankruptcy, the company split into three components: GM Components Holdings (Delphi facilities in Kokomo, Rochester, Lockport and Grand Rapids), GM Steering Solutions Services Corporation (Saginaw steering operations and businesses in Europe, Mexico, South America and Asia) and Delphi itself, with electronics, safety, powertrain, thermal, OE service and the independent aftermarket businesses.
Delphi also sold its North American airbag, seatbelt and steering wheel assets to Autoliv, as part of last year's decision to exit the Occupant Protection Safety (OPS) business in North America, Europe and Asia by the end of 2009.
"GM recognizes the value of the global steering and driveline operations and seeks to realign Nexteer as a wholly independent entity, thus better positioning its business for growth among a wide range of global OEM customers," GM's statement regarding Nexteer says.
"The sales process will begin immediately. GM intends to identify suitable potential buyers and conclude a transaction as soon as is practical."
Back in October, when Nexteer was set up, is was regarded as "the only global Tier One automotive supplier exclusively focused on advanced steering and driveline technology."
Nexteer took over most of Delphi's Steering assets, including 15 manufacturing plants, six engineering and 14 customer service centers in both Americas, Europe and Asia. The new company has some 6,200 employees.
Following the Delphi four-year long bankruptcy, the company split into three components: GM Components Holdings (Delphi facilities in Kokomo, Rochester, Lockport and Grand Rapids), GM Steering Solutions Services Corporation (Saginaw steering operations and businesses in Europe, Mexico, South America and Asia) and Delphi itself, with electronics, safety, powertrain, thermal, OE service and the independent aftermarket businesses.
Delphi also sold its North American airbag, seatbelt and steering wheel assets to Autoliv, as part of last year's decision to exit the Occupant Protection Safety (OPS) business in North America, Europe and Asia by the end of 2009.