GM to sell Magnaquench

During Roger Smith's tenure as GM's chairman, high-technology was the order of the day, and the Magnaquench magnet operation in Anderson, IN, was supposed to revolutionize the corporation's small-motor business. Now, GM appears ready to sell the business to Beijing's San Huan Group Inc. for $70 million, reports The Detroit News, as part of its components-group consolidation. Magnaquench would be the last of a list of 14 GM components businesses targeted for divestiture. "GM is just flushing us down the toilet," says one employee. "How can they claim we're a drag on GM's resources? We're out here working seven days a week, 12 and 15 hours a day."