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Monday, 01 June 2009 17:08

GM has buyer for Hummer

In what may be the first significant act post-bankruptcy, GM has announced that a buyer for Hummer has come forward.

Hummer CEO Jim Taylor said GM plans to sell its Hummer brand to Chinese equipment manufacturer Sichuan Tengzhong Heavy Industrial Machinery Co., of Sichuan province. The privately held Chinese company makes road, construction, and energy equipment.

GM has previously said the brand is worth $500 million or less. The deal includes the brand's senior management and operational team and would protect more than 3,000 manufacturing, engineering, and dealership jobs across the U.S.

The preliminary agreement means Hummer's 150 U.S. dealerships will be safe as long the sales goes through, Taylor said.

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