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General Motors holds tentative agreement to sell Hummer to Chinese supplier
2009-06-02 19:08:30 (GMT) (Caymanmama.com - Automotive Business News)
Indianapolis, Indiana (CaymanMama.com) — General Motors business is on the move as a source briefed on a new deal says the recovering automaker has a tentative agreement to sell its prestigious Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery Co. of China.
The Detroit-based company made an announcement on Tuesday that it is holding a memorandum of understanding to sell the Hummer brand of SUVs, but GM did not disclose the buyer.
A formal announcement was scheduled to be made Tuesday afternoon.
According to the Associated Press, “Sichuan Tengzhong deals in road construction, plastics, resins and other industrial products, but the person briefed on the deal says Hummer would be its first step into the automotive business.”
The source did not reveal his identity because the details have not been made public.
CaymanMama.com - Press Release Distribution Service
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