China firm to buy GM's Hummer for $500M: report
China's Sichuang Tengzhong has agreed to buy GM's Hummer unit for around $500 million: reports
"General Motors Corp. plans to sell its Hummer brand of sport-utility vehicles to Sichuan Tengzhong Heavy Industrial Machinery Co. Ltd., a Chinese equipment maker," says Bloomberg here, citing unnamed sources. GM confirmed a Hummer sale, to close by September, but won't say to whom, here. The iconic sport-utility vehicle, developed for the US military and its Middle Eastern wars, would pass to Asian hands.
Bankrupt GM " has a memorandum of understanding with the Chengdu, China-based company, said the people, who declined to be identified because the agreement is confidential. At least one other party is still interested in buying Hummer" but Sichuan Tengzhong is, for now, the expected buyer. "Hummer was estimated to be worth $500 million, Chief Executive Officer Fritz Henderson said in bankruptcy court documents."