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As a supplier of auto parts for advanced steering and transmission systems focusing on “turns†(wheel-to-wheel), Nexteer recently announced that it plans to invest US$70 million in the global headquarters of Shakino, Michigan, USA. The main reason behind this investment and expansion is that Nexteer has signed a contract with a major North American automobile manufacturer to provide it with an advanced 12-volt rack-type electric power steering system.
Nexteer president and CEOLaurent Bresson said: "The new fuel consumption regulations have led to the rapid application of electric power steering systems by automotive manufacturers, and with the large number of ride-assist benefits, electric power steering systems can bring at least 6%. The fuel consumption is improved."
It is understood that nearly 70 million U.S. dollars of investment will be used in 2014 to upgrade and expand Nexteer’s development, production, and testing capabilities. This includes the modernization of the plant’s infrastructure, as well as high-tech, new production machinery, and Equipment investment.