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Chinese buy GM subcontracting business: GM sells parts business to China

Chinese buy GM supplier business
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D GM concealed the purchase price on Wednesday (7/7). According to information from the financial news agency Bloomberg, the Chinese are paying around 450 million dollars (350 million euros). General Motors expects sales to be on the dry side by the end of the year. Nexteer manufactures steering systems and drive trains.

Second sale of Nexteer

The division has better chances on the market as an independent supplier, said GM strategy chief Stephen Girsky. Many car manufacturers fear losing their trade secrets if a supplier is linked to a competitor. Nexteer's main customer is GM. Its customers also include Fiat, Ford, Toyota, Chrysler, Peugeot and Citro├źn.

This is the second time GM has sold the deal. It was only in the middle of last year that the group had to take back the division. The background was the bankruptcy of the former supplier subsidiary Delphi, where GM was still responsible. After a successful restart, Delphi is concentrating on electronics, motors and spare parts.

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