chinese-firm-rescues-gms-hummer-brand

Chinese firm rescues GM's Hummer brand

China's Tengzhong inks an agreement to take over General Motors' Hummer brand and management team for an undisclosed price.

China's Sichuan Tengzhong Heavy Industrial Machinery Company has agreed to buy the Hummer sport-utility vehicle brand and its management team from General Motors Corporation as the US automaker files for Chapter 11 bankruptcy protection. Financial details of the deal have not been announced.

Tengzhong will buy the Hummer brand, take over the dealer network and a senior management team, the companies said in a joint statement yesterday. Tengzhong will also enter a long-term contract assembly and supply agreement with GM. Tenure of the agreement was not disclosed.

Sichuan-based Tengzhong is a privately owned company and a manufacturer of road, construction and energy industry equipment. The acquisition of Hummer marks a diversification by the company...

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