Type Public Predecessor Delphi Steering Founder GM CEO Guibin Zhao (Jun 2012–) | Industry Automotive Founded 2009 Number of locations 40 (2011) Number of employees 10,000 | |
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Headquarters Saginaw, Michigan, United States Stock price 1316 (HKG) HK$ 11.78 -0.10 (-0.84%)24 Mar, 4:09 PM GMT+8 - Disclaimer Parent organizations Pacific Century Motors, Nexteer Automotive Profiles | ||
Nexteer Automotive (SEHK: 1316) is an automotive parts supplier owned by Pacific Century Motors and headquartered in Saginaw, Michigan, United States. Nexteer is a global manufacturer of steering and driveline products. With more than 10,000 employees, Nexteer operates 20 manufacturing plants worldwide, 14 local customer support centers and five regional engineering centers and test centers. Nexteer is the fourth-largest steering-parts supplier by market share. It has more than 60 customers globally, including BMW, General Motors, Ford, Chrysler, Fiat, Toyota, PSA Peugeot Citroen and manufacturers not only in North America, but in India, China and South America.
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History
Nexteer's original predecessor was founded in 1906 under the name Jackson, Wilcox and Church. Their product was named the Jacox gear. In 1909, the unit was purchased by Buick then was transferred to parent company General Motors as the Jackson, Church and Wilcox Division. The division was renamed Saginaw Product Company in 1919 and Saginaw Steering Gear Division in 1928. The trade name of Jacox was changed to Saginaw in 1930. Saginaw Steering for 90 years was a part of GM. Saginaw Division became the division's name in 1985. The Saginaw Division is group with other GM component units into Automotive Components Group. GM in 1999 spun off its parts group as Delphi Automotive including Saginaw Steering. Saginaw Division was renamed Delphi Steering.
Nexteer
With Delphi entering a lengthy bankruptcy proceeding, GM purchased Delphi Steering through their subsidiary, GM Global Steering Holdings LLC, in 2009 and renamed the company, Nexteer Automotive. GM moved to have the union change their contract with Nexteer in order to prepare the company for a sale as Nexteer had multiple customers besides GM. After the first offered agreement, GM warned the employees that this may hamper finding a buyer; the results being that GM may just shut Nexteer down. A second agreement was ratified by the union. The Michigan Economic Growth Authority gave a $70.7 million state tax credit over ten years to Nexteer in November 2009. Nexteer announced that same month investment plans totaling $400 million across the board and keeping its headquarters in Buena Vista Township. The Township responded with a 100 percent 20 year tax abatement. Nexteer was acquired by Pacific Century Motors on November 29, 2010. After the purchase, Nexteer was split into two separate companies
Nexteer originally was going to go public on the Hong Kong Stock Exchange in June 2013, but the IPO was delayed until October 2013.
The company has announced its decision to relocate its headquarters to the Detroit area.