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DETROIT — General Motors and Pacific Century Motors reached an agreement late last week that involved the sale of one of the domestic automaker's manufacturing supply properties.

Officials explained PCM, an entity formed by The Tempo Group and an affiliate of the Beijing Municipal Government, is set to purchase GM Global Steering Holdings, commonly known as Nexteer Automotive. They did not disclose terms of the sale

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

"The sale of Nexteer to PCM supports our objective to focus on our core auto business and is the final step in our efforts to position Nexteer as an independent supplier," noted Stephen Girsky, GM's vice chairman of corporate strategy and business development.

"The sale better enables Nexteer to take advantage of anticipated growth in the global auto industry with a variety of automakers," Girsky continued.

"Ultimately, it's a move we believe will make it a more vibrant and healthier business," he added.

GM management went on to emphasize its contention that the sale of Nexteer to PCM positions the company for greater growth potential. Executives believe this potential could come to fruition through expansion of their customer base and growth in key emerging markets, especially in the Asia-Pacific region. That's where PCM has an established presence and continues to expand in the dynamic Chinese automotive market.

"The new ownership is a tremendously exciting opportunity for Nexteer," stated Robert Remenar, president of Nexteer.

"Nexteer has grown to become a global leader in steering and driveline products, and our team will be working with the new owners to build on this great foundation," Remenar added.

Officials mentioned the transaction is expected to close by the end of the year, pending regulatory approvals.