GM to Sell Hummer to China; Has Tentative Deals for Saab & Saturn
Now that bankruptcy proceedings are in action, things are moving along pretty swiftly at General Motors Corp. An individual briefed on the deal now says that GM has a tentative agreement to sell its Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery Co. in China. GM announced earlier on Tuesday that they had in place a memorandum of understanding to sell the brand, but did not disclose the buyer.
A formal announcement is expected to be made this afternoon.
GM also says that they have 16 buyers interested in purchasing their Saturn brand, and three parties interested in purchasing the Swedish Saab brand.
Sichuan Tengzhong primarily deals in plastics, resins, road construction, and other industrial products. The person who was briefed on the deal notes that Hummer would be its first venture into the automotive business.
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