General Motors announced today it has a buyer for its Hummer brand, reported by the AP to be Sichuan Tengzhong Heavy Industrial Machinery Co. of China, an industrial firm that until now has not owned an auto brand. The sale is expected to close by the end of the third quarter of this year and is subject to customary closing conditions, including receipt of applicable regulatory approvals.
The deal is expected to secure more than 3,000 U.S. jobs in manufacturing and engineering and at Hummer dealerships around the country.
As part of the proposed transaction, Hummer will continue to contract vehicle manufacturing and business services from GM during a defined transitional time period. For example, under the proposed agreement, GM's Shreveport assembly plant would continue to assemble the H3 and H3T through at least 2010, GM said in a release.
This story was updated at 11:20 to reflect news of the purchasing company.