Official: Hummer sold to Sichuan Tengzhong
By Andrew C., 30 Aug, 2010. 0 Comments
General Motors Co. completed the deal to sell Hummer to China's Sichuan Tengzhong Heavy Industrial Machinery Co. for about $150 million today.  This move is in line with its restructuring plan to cut its US brand count in half.
We received this update from Bloomberg News, which cites no less than three unnamed sources. We’ve gotten a whiff of this development last June when GM said that it expected to sell Hummer to the Chinese heavy machinery maker, which has not had any experience in the auto industry. Hummer had so far given no comments. In documents filed in the summer of 2008 during the automaker's 39-day bankruptcy, CEO Fritz Henderson estimated that the sale of Hummer “might realize $500 million or more.”
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