General Motors and Pacific Century Motors (PCM), an entity formed by The Tempo Group and an affiliate of the Beijing Municipal Government, today announced they have reached an agreement for GM to sell GM Global Steering Holdings, LLC, commonly known as Nexteer, to PCM.
Terms of the sale were not disclosed.
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.
In Poland, there are two plants owned by Necteer Automotive: in Tychy and in Gliwice. Both locations make around 3 million steering systems and columns annually. The Tychy plant also has an engineering centre on site. The factory in Tychy is one of the largest companies in the group in the number of staff numbers (around 1.4 thousand) and the size of production.
This is the second time a Chinese investor is to appear in the Polish market following a global acquisition project. In late 2009, BeijingWest Industries Group (BWI) acquired Delphi’s suspension and brake business. The deal included Delphi’s plant in Krosno and the related engineers at the Technical Centre in Cracow. The Krosno facility, which employs around 1.3 thousand people, is BWI’s largest factory.
