Posted on 06/02/2009 10:18:06 AM PDT by Mozilla
General Motors (GMGMQ Quote) has settled on a Chinese buyer for its Hummer brand, according to CNBC.
The Sichuan Tengzhong Heavy Industrial Machinery Co., in Chengdu, is the buyer, reported CNBC.
Sichuan Tengzhong is a private company, but the deal required approval by Beijing officials, who can veto any attempt at an overseas acquisition by a Chinese company and who closely follow deals over $100 million, reported The New York Times.
In a statement Tuesday, GM said the sale is expected to close by the end of third quarter.
GM, which filed for bankruptcy protection on Monday, said the deal is expected to "secure" more than 3,000 U.S. jobs in manufacturing, engineering and at Hummer dealerships around the country. The transaction also includes plans by the investor to "aggressively fund" future Hummer product programs, GM said.
The investor or the terms of the transaction aren't being disclosed by GM under the terms of the memorandum of understanding.
(Excerpt) Read more at thestreet.com ...
Now the Chinese can stop those #%$&*@ Mongolians...
Sounds like the Hummer might get an improvement.
How can a fleet of Hummers meet CAFE standards?
And we were told by the free traders on this site those pesky trade deficits didn't matter.
Obama’s African relatives back in Africa are doing what Africans have always done - selling other Africans into slavery. Chinese companies in Africa partaking in the natural resources treat the African workers like dogs. Let’s hope UAW rank & file get the same treatment.
Wonder who donated $700 million in the last election to O? China and the Saudis.
Zero is such a putz. At least with Clinton our president got the hummer.
That's a little harsh. It's just a brand name dude.
The buyer has never made vehicles, but aspires to do so.
(According to Limbaugh.)
There is a Bill Clinton joke in there somewhere. :-)
I believe that Hummer is more than just the civilian division. Do the Chinese now own the production of our military Humvee?
so with new Chinese ownership, where will the US military purchase new Humvees from? And, if they thought the armour plating was thin before, they haven’t seen anything yet.
Do the Chinese now own the production of our military Humvee?”
*****\
My question as well.
This allows the ChiComs to take care of their good buddy, Bill Clinton (since Bill is always out looking for a Hummer.....)
Soon to be available in the automotive section of your neighborhood WalMart.
That's about as smart as us buying Mitsubishi Zeros in WWII, isn't it?
Who really believes that STHIM will continue to build Hummers in the U.S. for more than a year of two. Why pay the UAW 80 bucks an hour when you can get them built in China for 15 and ship them to the States.
The new Hummer will be scaled down to the size of a mini cooper. Car and Driver Magazine says the hood will be be glow paint orange, so everyone knows it’s only a toy.
The military Humvee is made by AM General in South Bend, IN, as was the original Hummer H1, which is no longer made for commercial sale. See here:
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