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Article: Hummer's sale to Chinese may be imminent
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- October 9, 2009
- Author:
CopyrightCopyright 2009 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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DETROIT - General Motors Co. is poised to sell its Hummer brand
to a Chinese heavy equipment manufacturer, a person briefed on the
deal said.
Representatives of Sichuan Tengzhong Heavy Industrial Machinery
Corp. have been working on final details with GM, and both sides
hope to sign a definitive agreement immediately, said the person,
who asked not to be identified because the deal is not final.
The purchase price was not known, but GM said in its bankruptcy
filing that Hummer might bring $500 million.
Hummer, whose smallest model gets 16 miles per gallon in combined
city and highway driving, sold well until fuel prices began to rise.
Through September, GM has sold only 8,193 Hummers in ...