The transaction, whose financial terms are still undisclosed, means that the operations run by Nexteer will pass over to PCM. These operations include 22 manufacturing facilities, six engineering facilities and 14 customer support centers in North and South America, Europe and Asia.
Nexteer is pretty much a brand new company, established as a result of supplier Delphi's emergence from bankruptcy back in 2009. The unit separated from Delphi was owned by GM's new Global Steering Holdings and was intended as “the only Tier 1 automotive supplier exclusively focused on advanced steering and driveline technology." The company has approximately 6,200 employees.
"We are committed to building on the hard work and success of the management team and everyone at Nexteer," said 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."
The customers of Nexteer are established manufacturers like GM, Fiat, Ford, Toyota, Chrysler, and PSA Peugeot Citroen.
As for Delphi, the supplier emerged from a four-year long bankruptcy once it shed the Nexteer business. The split of businesses left the supplier in charge of electronics, safety, powertrain, thermal, OE service and the independent aftermarket businesses.
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