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Article: GM nears sale of Hummer brand: ; Sale to Chinese heavy equipment company could land $500 million
- Article from:
- Charleston Daily Mail
- Article date:
- October 9, 2009
- Author:
CopyrightCopyright 2009 Charleston Daily Mail. Provided by ProQuest LLC. (Hide copyright information)
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DETROIT - General Motors Co. is poised to sign a deal to sell its
Hummer brand to a Chinese heavy equipment manufacturer as early as
Thursday afternoon, a person briefed on the deal said.
Representatives of Sichuan Tengzhong Heavy Industrial Machinery
Corp. have been in the U.S. for the past nine days working on final
details with GM, and both sides hope to sign a definitive sales
agreement on Thursday or Friday, 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 or more.
Hummer, whose smallest model gets 16 miles per gallon in combined
city and highway ...