The Daily Caller

The Daily Caller
Business

A GM unit in China’s hands

12:17 PM 11/09/2010
Chad Brady (admin)

You don’t need to understand exchange rates and trade wars to grasp the economic change that has come to Saginaw, Mich. Remarkably, the largest private employer there will soon be the city government of Beijing.

In the weeks ahead, a 104-year-old unit of General Motors will be sold to new owners from China. The unit made steering equipment for decades under the name Saginaw Steering Gear. Now known as Nexteer, it employs 8,300 people around the world. Its new Beijing owners call themselves Pacific Century Motors.

You and the rest of the world probably missed this $450 million deal. General Motors, still controlled by the U.S. government, gave it little attention this summer as it readied its own high-profile return to the stock market.

Full Story: The Game: A GM Unit in China’s Hands – WSJ.com

Tags: Beijing, General Motors, Michigan, Motors Liquidation Company
  • http://www.facebook.com/people/Phill-Emerson/1544812652 Phill Emerson

    Cant blame geroge bush on this mess. makes me sad since 1973 i have driven GMs sincw the 80s i bought a new one every two yrs. my lst one is my saturn vue she has 4 yrs on her im either buying a nissian or the big honda suv. I wouldnt buy tolet gaskets frm GM they sold out the stock and bond holders but most important they sold out the people who bought them beside they could never make a 69SS Nove with 396 410 in the rear or the 69 SSCamaro with the same set up so to GM **** you hello Honda

  • adastra2005

    This hurts deep in my heart. In the 80′s I spent a good deal of time with folks in this area. To hear that the area/folks will be part of China Inc . . . just makes me wonder. If one remembers, the 80′s and early 90′s all the “Buzz” was how the US was morphing from a manufacturing-based to a services-based economy . . . and how wonderful it would be. We (the editorial “we”) always wondered how a “service” economy could ever sustain itself for long.

  • Pingback: A GM unit in China’s hands | Socialism is not the Answer

  • snappercat

    We bailed out General Motors for THIS?

  • oldguy5

    How you UAW workers doing out there – huh!!! Had enough?

  • didacticrogue

    Incredible.

    I weep for the once-great United States of America.