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AutoBlog: REPORT: Sichuan Tengzhong to finalize Hummer deal in third quarter, keep U.S. production?

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Filed under: SUVs, Trucks/Pickups, China, HUMMER

2008 Hummer HX Concept - click above for high-res gallery

According to Automotive News, the deal between General Motors and Sichuan Tengzhong Heavy Industrial Machinery to offload Hummer should be complete by October. A statement made by STHIM's general manager, Yang Yi, further suggests that the Chinese company has no plans to export Hummer's equipment and/or technology to its home market, meaning that the truck brand's offerings should remain North American produced for the foreseeable future.

The details for Sichuan Tengzhong's winning bid for Hummer have not been disclosed, but according to AN, investment bankers are suggesting that the deal was likely brokered for around $100 million in cash, and Yi confirmed that the Chinese heavy machinery company would not be assuming any of GM's debt in the process.

Assuming STHIM and General Motors can sew up the bid for Hummer (in the third quarter or otherwise), the Chinese government will still need to grant approval before the deal can move forward.

[source: Automotive News]

REPORT: Sichuan Tengzhong to finalize Hummer deal in third quarter, keep U.S. production? originally appeared on Autoblog on Mon, 15 Jun 2009 10:29:00 EST. Please see our terms for use of feeds.

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