GM Complete Sale of Hummer Brand to Sichuan Tengzhong
The Detroit Newsreports that GM has completed it sale of the Hummer brand. GM's sales agreement with Sichuan Tengzhong, a Chinese heavy machinery firm, will allow GM to continue to making the vehicles until 2011.
The deal is being credited with saving 150 Hummer dealerships and 3,000 manufacturing and sales jobs. As a stand-alone automaker, Hummer expects to begin ramping up hiring for white-collar jobs, including 75 workers soon.
The announcement comes a little over a week after GM's attempt to sell its storied Saturn brand to Penske Automotive Group collapsed at the last moment.
As part of its massive restructuring, which included a trip through bankruptcy, GM is paring back its eight U.S. brands to four. Saturn and Pontiac are being closed. Saab, like Hummer, is being sold off.
The Hummer deal is faring much better than the Saturn deal. The Saturn deal collapsed, forcing GM to kill off the brand.
