DETROIT (AP) — General Motors has reached a deal to sell its Nexteer steering business to a venture backed by Chinese companies.
GM said Wednesday that it will sell the division to Pacific Century Motors for an undisclosed sum. The venture is made up of the investing arm of the Beijing municipal government and Beijing-based auto parts maker The Tempo Group.
The automaker announced in January that it planned to sell Nexteer, which it acquired last year as part of the bankruptcy of auto parts supplier Delphi Corp. Delphi was GM's parts-making unit until it was spun off as an independent entity in 1999.
Nexteer has more than 40 manufacturing, engineering and customer support centers across the world.
The sale is expected to close in the fourth quarter.