PCM to acquire GM’s Nexteer business

Vehicle manufacturer General Motors (GM) has reached an agreement to sell its GM Global Steering Holdings, or Nexteer, business to automobile company Pacific Century Motors (PCM).

The sale of the Nexteer business covers global steering and halfshaft operations, including 22 manufacturing facilities, six engineering facilities and 14 customer-support centres located in North and South America, Europe and Asia.

Terms of the sale were not disclosed.