PCM, a company formed by The Tempo Group and an affiliate of the Beijing Municipal Government, will take over 22 manufacturing facilities, six engineering facilities and 14 customer support centers in North and South America, Europe and Asia. The terms of the deal, including the price for which Nexteer was sold, were not disclosed.
“The sale of Nexteer to PCM supports our objective to focus on our core auto business and is the final step in our efforts to position Nexteer as an independent supplier. The sale better enables Nexteer to take advantage of anticipated growth in the global auto industry with a variety of automakers,” Stephen J. Girsky, GM vice chairman, Corporate Strategy and Business Development said in a statement.
“Ultimately, it’s a move we believe will make it a more vibrant and healthier business.”
Back in October 2009, when Nexteer was set up, is was regarded by the American manufacturer as "the only global Tier One automotive supplier exclusively focused on advanced steering and driveline technology." The new company has some 6,200 employees.
"The new ownership is a tremendously exciting opportunity for Nexteer," Robert J. Remenar, Nexteer president added. "Nexteer has grown to become a global leader in steering and driveline products, and our team will be working with the new owners to build on this great foundation."
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