Bruce Nunnally Posted June 2, 2009 Report Share Posted June 2, 2009 DETROIT – General Motors Corp. (NYSE: GM), announced it has entered into a memorandum of understanding (MoU) with a buyer for HUMMER, its premium off-road brand. This transaction is the result of GM's strategic review of the HUMMER brand and the company’s ongoing restructuring efforts. The sale is expected to close by the end of third quarter of this year and is subject to customary closing conditions, including receipt of applicable regulatory approvals. 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. Under terms of the MoU, the identity of the purchaser and proposed financial terms of the agreement are not being released at this time. “HUMMER is a strong brand,” said Troy Clarke, President of GM North America. "I’m confident that HUMMER will thrive globally under its new ownership. And for GM, this sale continues to accelerate the reinvention of GM into a leaner, more focused, and more cost-competitive automaker ." As part of the proposed transaction, HUMMER will continue to contract vehicle manufacturing and business services from GM during a defined transitional time period. For example, under the proposed agreement, GM’s Shreveport Assembly plant would continue to contract assemble the H3 and H3T through at least 2010. "GM has developed HUMMER into a globally recognized off-road brand,” said James Taylor, HUMMER chief executive officer. “The proposed agreement will enable us to continue that growth and maximize the brand’s potential through new, innovative off-road vehicles with improved efficiency and alternative fuel powertrains. Today’s announcement is great news for HUMMER’s current and future customers, dealers, suppliers and employees around the globe.” Other terms and conditions specific to the sale are not being disclosed at this time. Citi acted as financial advisor to General Motors Corporation. Bruce 2023 Cadillac CT4-V Blackwing Follow me on: Twitter Instagram Youtube Link to comment Share on other sites More sharing options...
PAUL T Posted June 3, 2009 Report Share Posted June 3, 2009 Yeah, it was sold to a Chinese company with no automotive experience. Could this be the death of an American Hummer? Are our military hummers going to be made by the Chinese now? I know they said they will be built in the same plants for now, but how long will it take for China to start shipping parts so they could just be assembled here cheaper. What about Chinese design influence down the road. What a crock!!! If I owned a Hummer (which I don't) I would be outraged and feel betrayed!!! I suppose Saturn will go the same route. http://finance.yahoo.com/news/GM-to-sell-H...8721.html?.v=48 Link to comment Share on other sites More sharing options...
BodybyFisher Posted June 3, 2009 Report Share Posted June 3, 2009 I expected China to step up and do something like this, they have the CASH and they are buying distressed assets, smart move by them. China is trying to sell cars here, it would be smart for them to buy Saturn Pre-1995 - DTC codes OBD1 >> 1996 and newer - DTC codes OBD2 >> https://www.obd-codes.com/trouble_codes/gm/obd_codes.htm How to check for codes Caddyinfo How To Technical Archive >> http://www.caddyinfo.com/wordpress/cadillac-how-to-faq/ Cadillac History & Specifications Year by Year http://www.motorera.com/cadillac/index.htm Link to comment Share on other sites More sharing options...
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