GM has confirmed it will sell its Nexteer Automotive business.
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“GM recognises 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,” the automaker said in a statement.
“The sales process will begin immediately. GM intends to identify suitable potential buyers and conclude a transaction as soon as is practical.”
It took back the steering unit from former components subsidiary Delphi last year under a plan to support Delphi’s bankruptcy reorganisation.
Nexteer customers include GM itself, Fiat, Ford, Toyota, Chrysler and PSA plus automakers in India, China and South America. Sales to GM account for almost half of the tally – global revenues topped $2bn in 2008.
