General Motors Co. reaches an agreement to sell Nexteer Automotive Inc., to Pacific Century Motors, an entity formed by The Tempo Group and an affiliate of the Beijing municipal government, for an undisclosed amount. Nexteer, the former Delphi Saginaw Steering Systems, became a wholly owned, standalone subsidiary of GM when Delphi Corp. emerged from Chapter 11 bankruptcy in 2009. GM says the sale positions Nexteer for greater growth potential through expansion of its customer base in key ...

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