GM May Be Nearing Sale of French Plant

General Motors Co. says it is in advanced talks to sell its transmission factory in Strasbourg, France.

Belgium's Punch Metals International and Germany's ZF Friedrichshafen have made a joint bid for the facility, according to GM. It says Punch would buy the plant and sell 8-speed transmissions to GM and ZF, starting in 2015.

The carmaker said in May it would sell the factory as part of a restructuring of its money-losing European operations. GM tells Agence France Presse the deal could be completed as early as year-end.

The proposed arrangement would preserve the jobs of the facility's 1,000 employees.

The plant currently makes 6-speed transmissions for BMW AG and such GM vehicles as the Chevrolet Camaro sports coupe and Cadillac CTS midsize luxury car.