Tuesday, November 09, 2010

Why (or How) Is This Legal?

ChiComs buy GM subsidiary.

A GM unit in China’s hands

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.
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