Nexteer Automotive

Nexteer Automotive
Public
Industry Automotive
Predecessor Delphi Steering
Founded 2009[1]
Founder GM
Headquarters Auburn Hills, Michigan
Number of locations
 40 (2011)
Area served
 Worldwide
Key people
 Guibin Zhao[2] (CEO)
Mike Richardson(President)
Robert J. Remenar[1] (Former President, Former CEO, Former Board of Directors)
Products Hydraulic and electric power steering systems, halfshafts
Revenue $2.4 billion +
Number of employees
 10,000+
Parent Pacific Century Motors[1]
Website nexteer.com

Nexteer Automotive (SEHK: 1316) is an automotive parts supplier owned by Pacific Century Motors and headquartered in Auburn Hills, Michigan, United States.[3] 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.[4] 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.

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.[5] GM in 1999 spun off its parts group as Delphi Automotive including Saginaw Steering. Saginaw Division was renamed Delphi Steering.[6]

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.[6] 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.[7] Nexteer was acquired by Pacific Century Motors on November 29, 2010.[1] 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,[8] but the IPO was delayed until October 2013.[9]

The company has announced its decision to relocate its headquarters to the Detroit area.[10]

Technology

History

Products

References

  1. 1 2 3 4 "Nexteer Automotive Inc.:Private Company Information". Business Week.com. Bloomberg. Retrieved 15 April 2011.
  2. ↑ "Saginaw County's Nexteer Automotive gets new president and chief executive officer". The Saginaw News. Retrieved 8 June 2012.
  3. ↑ "Nexteer Automotive – A Leader in Intuitive Motion Control | Locations". www.nexteer.com. Retrieved 30 March 2017.
  4. ↑ bloomberg.com
  5. ↑ Alan K. Binder and Deebe Ferris, editors (2000). General Motors in the Twentieth Century. Ward’s Communications. via
    "GM Heritage, Generations of GM History, Saginaw Steering".
  6. 1 2 Bunkley, Nick. "G.M. Sells Parts Maker to a Chinese Company". New York Times. Retrieved 15 April 2011.
  7. ↑ Lynch-Morin, Kathryn (July 8, 2010). "New chapter begins today for Saginaw's Nexteer after purchase by Chinese auto-parts maker announced". The Saginaw News. Retrieved 15 April 2011.
  8. ↑ "Nexteer may launch IPO in June". WNEM.com. Meredith Corporation. June 5, 2013. Retrieved January 22, 2015.
  9. ↑ "Annual Report 2013" (PDF). Nexteer.com. Nexteer Automotive. Retrieved January 22, 2015.
  10. ↑ "Nexteer" (PDF). Retrieved 26 August 2015.
  11. ↑ "Nexteer Automotive Provides World’s 1st 12-Volt Electric Power Steering Systems in 2011 Ford F-150" (PDF). Nexteer Automotive. Retrieved 9 June 2011.
  12. ↑ "Electric Power Steering reaches production milestone" (PDF). Nexteer Automotive. Retrieved 9 June 2011.
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