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.

Read more: http://dailycaller.com/2010/11/09/a-gm-unit-in-chinas-hands/#ixzz14pT6iFcN

2 thoughts on “A GM unit in China’s hands

  1. GM pays no taxes on profits, from what I’ve heard on talk radio. But Ford and Toyota and all other non-government owned car companies do.

    How can this be fair or constitutional? It’s setting a preference of one company over another, by the government.

    And now, from your blog, they are selling off and out to China? This is just appalling.

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