DETROIT (AP) -- General Motors said Thursday that it plans to sell its Nexteer Automotive steering and driveline operations subsidiary.
GM acquired the business based in Saginaw, Mich., last year as part of the bankruptcy of auto parts supplier Delphi Corp. Delphi was once GM's parts-making unit until it was spun off as an independent entity in 1999.
To acquire the Delphi assets, GM used $1.1 billion of the roughly $50 billion in aid that the federal government allocated to the automaker as part of its auto industry rescue plan.
GM agreed to buy an equity stake in Delphi after the parts supplier emerged from bankruptcy last year. Along with the steering unit, GM acquired four parts manufacturing facilities.
GM said it will begin the sales process immediately and is looking for potential buyers.
