Just yesterday we announced General Motors filing chapter 11 bankruptcy and just today they have found a buyer for the Hummer brand. Hummer will continue to live on through a Chinese industrial firm.
General Motors has reached a preliminary deal to sell its Hummer brand in part of the effort to shed half of its eight U.S. lines to come out of bankruptcy as a leaner and meaner company.
A few media sources have reported today that the Sichuan Tengzhong Heavy Industrial Machinery Co. based in Chengdu, is the buyer for Hummer.
From what we have gathered, the buyers for Hummer are “serious” and plan on releasing public details about the transaction or buyout soon.
Once GM comes out of bankruptcy it will include the core product brands, Chevy, GMC, Cadillac and Buick. While that excludes almost half of it’s brands, GM will emerge as the “New GM” as a much stronger and slimmer company to be competitive along with the likings of Ford and the re-emerged Chrysler corp.
The transaction (Hummer buyout) should be closed by the third quarter of this year securing upwards of 3000 jobs in the U.S. As of now, GM has no immediate reports or comments on the buy of Hummer.