Sichuan Tengzhong picks up Hummer from GM

June 17, 2009 | BY

clpstaff &clp articles

Sichuan Province-based Chinese engineering company Tengzhong Heavy Industrial Machinery is acquiring Hummer from troubled General Motors for an undisclosed…

Sichuan Province-based Chinese engineering company Tengzhong Heavy Industrial Machinery is acquiring Hummer from troubled General Motors for an undisclosed amount.

Tengzhong will acquire the rights to the Hummer brand, along with a senior management and operational team. It will also assume existing dealer agreements relating to Hummer's dealership network and is expected to sign a long-term contract assembly and component and material supply agreement with GM.

Although subject to customary closing conditions and regulatory approvals, if the deal successfully closes in the third quarter of this year GM said it expects to save more than 3,000 jobs.

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