General Motors Corp. said Tuesday it has a deal to sell its Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery Co. in China, according to the New York Times.
The announcement comes one day after GM filed for Chapter 11 bankruptcy protection with plans to become a leaner company.
The Milwaukee-area's only Hummer dealership is run by Bergstrom Automotive and is located on Milwaukee's far northwest side.
The automaker said it has a memorandum of understanding (MoU) and that the sale is expected to close by the end of third quarter of this year.
The deal is expected to secure more than 3,000 U.S. jobs in manufacturing, engineering and at Hummer dealerships around the country.
The company said the proposed transaction calls for the new Hummer owner to 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, La., assembly plant would continue to assemble the H3 and H3T through at least 2010.
GM is also trying to sell its Saab and Saturn brands and will phase out its Pontiac brand.
http://www.bizjournals.com/milwaukee/stories/2009/06/01/daily40.html
This is really disturbing to me
The announcement comes one day after GM filed for Chapter 11 bankruptcy protection with plans to become a leaner company.
The Milwaukee-area's only Hummer dealership is run by Bergstrom Automotive and is located on Milwaukee's far northwest side.
The automaker said it has a memorandum of understanding (MoU) and that the sale is expected to close by the end of third quarter of this year.
The deal is expected to secure more than 3,000 U.S. jobs in manufacturing, engineering and at Hummer dealerships around the country.
The company said the proposed transaction calls for the new Hummer owner to 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, La., assembly plant would continue to assemble the H3 and H3T through at least 2010.
GM is also trying to sell its Saab and Saturn brands and will phase out its Pontiac brand.
http://www.bizjournals.com/milwaukee/stories/2009/06/01/daily40.html
This is really disturbing to me
