SAGINAW, Mich., Jan. 22 (UPI) -- Residents of Saginaw, Mich., said a paycheck is a paycheck, even if it originates in Beijing.
In November Pacific Century Motors, representing investment funds from the municipality of Beijing, purchased Saginaw's largest private employer, Nexteer Automotive, from General Motors for $450 million, the Los Angeles Times reported Saturday.
Anytime a foreign concern buys a business that symbolizes American ingenuity, there are fears that the United States is losing control over its future. With the economy struggling, however, "We don't see it as a threat. Job No. 1 is taking advantage if the global economy," said JoAnn Crary, the president of Saginaw Future, a development program.
Nexteer union leader Troy Newberry said, "There weren't a whole lot of options," explaining that consistency is more important than origin when it comes to paychecks.
Nexteer, which specializes in automotive steering systems, has 20 assembly plants and a workforce of 8,300 around the world.
Jack Chen, a consultant in Los Angeles who helped Pacific Century with its purchase, said the Chinese investment followed a simple business formula. "When the market is down, you can get a good price," he said.
