Tuesday June 2, 09:31 PM
GM sells Hummer brand to Chinese firm
WASHINGTON (AFP) - General Motors (NYSE: GM - news) , fresh from filing for bankruptcy protection, reached a deal to sell its Hummer brand to a Chinese industrial machinery firm, Sichuan Tengzhong, the companies announced Tuesday.
Tengzhong "will acquire the rights to the premium off-road Hummer brand, along with a senior management and operational team," a joint statement said.
"It will also assume existing dealer agreements relating to Hummer's dealership network," the statement said.
Final terms of the deal are still being negotiated.
Tengzhong could also enter into a "long-term contract assembly and key component and material supply agreement" with GM, the statement said.
GM had said that it expected the deal to secure more than 3,000 US jobs.
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