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 ...
They actually thought they were getting the company that makes the little porcelain figurines.
No, I think you misunderstand the situation.
Releasing the CIA interrogation memos was Treason. Selling the Hummer brand - a brand that was losing tons of cash, is not.
This is only the civilian Hummer H2 and H3, based off the Tahoe and Trailblazer respectively that we’re talking about. Nothing else. It’s like Pepsi selling them Mountain Dew.
The Chinese have been building them for a long time. They just got to make them a little bigger.
http://www.thetoyroom-redux.com/rev_joe_jngl_humv.html
I can see how they got stuck, with all the “weight” they were carrying around. Definitely top-heavy.
Doesn’t Hummer make military vehicles for the US?
There is a Bill Clinton joke in there somewhere. :-)
Fortune cookie say: Clinton use cigar, Obama lose bigcar.
Yes I think so, but todays trade does not take place on a free market.
So, I would say the US lost.
Exactly. I have noticed over the years that smaller foreign cars eventually grow larger as they negotitate American markets.
Wait a second! Since we now own GM, should we, as owners, have the right to approve the sale????
The current H3 shares nothing with the military Humvee.
THEY SUPPLY THE US MILITARY WITH VEHICLES! WTF?!
Hummer is (sorry, *was*) a GM division building vehicles that superficially look like the military HMMV, which is *not* made by GM.
We're not buying our military vehicles from the Chinese (but they could probably undercut the procurement bidding with their clone of the HMMV).
Mr. L wrote: “The current H3 shares nothing with the military Humvee.””
Although, the pictures back in the thread clearly show the GM’s version with high capacity bombshells...
Oh sure, like our open borders, free trade has worked out wonderfully for the U.S. The amazing economic wonders are all around us! It's getting better every day!!
As I understand it, the hummer was replaced by a truck made by International.
Laughing too hard at work in the office!!!!!!! Thanks!
No, that's AMG.
What has been sold is the manufacturing of the civilian Hummer, not the HUMVEE.
The Hummer is a Chevy (GM) product.
...an a planet where, apparently, there is no gravity.
Fuggit then, they can have it.
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