GM is selling Hummer brand Chinese company, Sichuan Tengzhong
Concern
U.S. automakers General Motors Corp. signed a definitive agreement to sell Hummer brand a Chinese company Sichuan Tengzhong Heavy Industrial Machinery Corp.
Under the agreement, the Chinese company will become the owner of the brand Hummer, the relevant trade marks and names, as well as proprietary licenses required for the production of cars Hummer, according to the joint press release, GM and Tengzhong.
Financial details of the agreement, the companies did not disclose, however, according to sources, Associated Press, the transaction amount is approximately $ 150 million in materials GM, sent to court for bankruptcy last summer, argued that the sale of Hummer Concern can help out 500 million dollars .
deal to sell Hummer must obtain the appropriate approval from the Chinese and American regulators.
reported earlier that GM is close to reaching an agreement to sell Hummer brand a Chinese company, Sichuan Tengzhong Heavy Industrial Machinery Co., although GM executives are not confident enough if the Chinese company's experience in managing such a complex trademark.
Sichuan Tengzhong Heavy Industrial Machinery - a private company engaged in road construction and manufacture of power equipment.
company GM has long sought a buyer for the brand Hummer, whose sales in the United States fell sharply in recent years. The rights of the military version of Hummer for sale are proposed.
Recall 10 July carmaker General Motors (GM) officially completed the bankruptcy process, forming a new company - the so-called new General Motors. An update to the company 60.8% owned by the U.S. government. The remaining shares in the new company are distributed as follows: Government of Canada - 12,5%, 17,5% of shares still get the union Auto Workers UAW, and 10% would get to the holders of unsecured bonds of GM.
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