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February 11, 2016 10:22 AM ET

Auto Components

Company Overview of Nexteer Automotive Group Limited

Company Overview

Nexteer Automotive Group Limited, an investment holding company, designs, manufactures, and supplies steering and driveline systems and components for automobile manufacturers and other automotive-related companies in North America, Europe, and China. It provides electric power steering products, including column, pinion, and rack assist electric power steering products, as well as electric power steering (EPS) intermediate shafts, and EPS rack and pinion gears; and hydraulic power steering products, such as variable-effort power steering, rack and pinion gears, recirculating ball steering gears, power steering and CB pumps, power steering and high flow reservoirs, power steering hose sets, ...

3900 East Holland Road

Saginaw, MI 48601

United States

Founded in 1906

10,000 Employees

Phone:

989-757-5000

Key Executives for Nexteer Automotive Group Limited

Chairman and Chief Executive Officer
Age: 51
Total Annual Compensation: $576.0K
Senior Vice President, Strategy Officer and Executive Director
Age: 59
Total Annual Compensation: $970.0K
Vice President, Joint Company Secretary and Executive Director
Age: 49
Total Annual Compensation: $506.0K
Compensation as of Fiscal Year 2014.

Nexteer Automotive Group Limited Key Developments

Nexteer Automotive Group Limited Employees Approve and Ratify Tentative Agreement Between the Company and United Auto Workers Union

On December 8, 2015, the Nexteer Automotive Group Limited and United Auto Workers Union (the UAW) had reached a tentative agreement which was submitted to employees of the company for voting. On December 19, 2015, the Agreement was approved and ratified by the employees. The Agreement establishes the principles upon which the Group will conduct Saginaw manufacturing operations for the next four and half years. With this new Agreement in place, all relevant employees of the Group continue to give their full attention to delivering advanced steering and driveline products to customers and making the Group a leader in intuitive motion control. The estimated financial impact on the Company's net profit from the increased labor costs will be approximately USD 7 million a year on an average basis.

Union members at Nexteer Automotive Approves 5-Year Deal with Nexteer Automotive

Union members at Nexteer Automotive approved a five-year contract, just a few weeks after rejecting the first deal and staging a brief strike. Roughly 3,000 employees are represented by the United Auto Workers in the Saginaw area, 100 miles (160 kilometers) north of Detroit. The UAW said the deal with Nexteer was approved by 61% of workers who cast ballots. There was a brief strike earlier in December 2015 after the first deal was rejected. The contract includes pay increases and a $2,000 ratification bonus.

Nexteer Mulls Strategic Options

Nexteer Automotive Group Limited (SEHK:1316) evaluates strategic options. UAW workers rejects proposed Nexteer Automotive contract. "While this is disappointing, it is a clear message from our employees and one we are considering as we evaluate the strategic options for the Saginaw facility," Mark Decker, Chief Human Resources Officer and Vice President of Nexteer, said in a statement.

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