GM To Unload Steering Division Bought From Delphi

Law360, New York (January 7, 2010, 2:49 PM EST) -- General Motors Co. plans to sell the steering and driveline business that it scooped up from Delphi Corp. in October as part of a roughly $1.1 billion transaction during the auto parts maker's restructuring, the automotive giant announced Thursday.

The process for the sale of GM's Nexteer Automotive business will start immediately, the automaker said.

“GM recognizes the value of the global steering and driveline operations and seeks to realign Nexteer as a wholly independent entity,” GM said in a statement, “thus better positioning its business...
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