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GM signs deal to sell Hummer to Chinese manufacturer
GENERAL MOTORS PHOTO
Yang Yi, CEO of Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd., left, and Hummer CEO Jim Taylor at Detroit Oct. 8.
TOM KRISHER
ASSOCIATED PRESS
DETROIT–General Motors says it has signed an agreement to sell control of its iconic Hummer SUV brand to a Chinese heavy equipment maker.
The company says Sichuan Tengzhong Heavy Industrial Machinery Co. will acquire 80 per cent of the Hummer brand, trademarks and trade names plus intellectual property rights needed to build Hummer vehicles.
The remaining 20 per cent will go to Suolang Duoji, a private entrepreneur.
Financial terms were not disclosed.
The investors also will get Hummer's nationwide dealer network.
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