Hummer Saved
Hummer Saved By Chinese Buyer
Chinese-based Sichuan Tengzhong Heavy Industrial Machinery Co (Tengzhong) looks set to purchase the iconic Hummer brand from beleaguered General Motors.
Best known as a manufacturer of heavy machinery, road and bridge construction equipment, Tengzhong is one of China’s major privately-owned engineering companies.
While still subject to regulatory approval - given the substantial multi-billion dollar investments by the U.S. Government to keep GM in business, and President Obama’s statement that the Government plans to: “Exit the auto. Business as soon as possible,”- the deal is unlikely to encounter any opposition in North America.
The sale is expected to secure more than 3,000 North American jobs and includes plans for Tengzhong to fund future Hummer product development.
During the transitional period, GM will continue to assemble Hummer vehicles at its plant in Shreveport.
Tengzhong will maintain Hummer’s headquarters and operations in North America and the existing leadership team will continue to run the new company. International expansion of the dealer network is planned – with huge potential in Tengzhong’s home market of China.
“This is great news for Hummer’s current and future customers, dealers, suppliers and employees around the globe,” said Troy Clarke, President of GM North America. “Hummer is a strong brand and I’m confident that Hummer will thrive globally under its new ownership.”
