General Motors is selling its global steering business, formerly owned by supplier group Delphi, to Beijing-based Pacific Century Motors in one of the biggest sales of an auto-parts business to a Chinese company.
GM said late on Wednesday that it would sell the business, known as Nexteer Automotive, to PCM, an entity formed by the Tempo Group and E-Town, an affiliate of Beijing’s municipal government. No financial details of the transaction were disclosed, but a person involved in the deal, who requested anonymity, said PCM paid about $450m.
GM acquired Nexteer from Delphi last year as part of arrangements to help the group exit bankruptcy. The US carmaker last year told its suppliers that it would sell it when market conditions improved.
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