The Opportunity: How Can the West Benefit from Chinese Investment?
When Robert J. Remenar was asked his feelings about a Chinese company acquiring his firm Nexteer, he responded: “We were the ones who sought out Chinese investment to begin with.” A Michigan-based automotive steering firm, Nexteer was on the verge of collapse until it was acquired by Chinese state-owned AVIC Automobile in 2010. After losing millions of dollars, Nexteer had been spun off from Delphi in 2009. During the global financial crisis, Nexteer found itself under temporary ownership by General Motors (CM); however, Remenar recommended to his management that Nexteer remain “for sale” and not be further integrated into GM. This was because many of Nexteer’s clients were GM’s competitors, constituting a conflict of interest and forcing Nexteer to continue looking for new owners.
KeywordsChinese Company Private Equity Chinese Firm Corporate Philanthropy World Economic Forum
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