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GM Sells HUMMER to Sichuan Tengzhong
General Motors has reached a definitive sales agreement for its Hummer SUV brand with China's Sichuan Tengzhong Heavy Industrial Machinery.Under the terms of the agreement, the Chinese company will pay $150 million to take an 80 percent stake; a private investor Suolang Duoji will hold the rest.
Hummer would contract vehicle manufacturing, key components and business services from GM during a defined transitional time period. For example, GM's Shreveport assembly plant would continue to contract assemble the H3 and H3T and AM General's Mishawaka assembly plant will continue to assemble the H2. Both facilities will produce the specified vehicles until June 2011, with an optional one year extension until June 2012. The deal is expected to secure more than 3,000 jobs in the U.S. related to the sale and manufacturing of Hummer vehicles.
Hummer will continue to be managed by members of its existing leadership team including James Taylor, who will remain in his current role as Hummer's chief executive officer. Prior to joining Hummer, Taylor was General Manager of Cadillac where he oversaw a reinvigoration of the brand, leading key innovations in design and technology as well as the development of new models.
In the announcement, two companies said that once the transaction is complete, Hummer will become the first automaker to offer an alternative fuel powertrain in every model, with the addition of E85 FlexFuel capability in the 2010 H3 and H3T.
Hummer is also in the process of obtaining emissions certification for a diesel H3 that will be introduced in markets outside of North America. The brand's future product development will focus on improving efficiency and performance in current Hummer models with alternative fuel powertrains, more efficient gas engines, 6-speed transmissions and diesel engines.
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