General Motors announced on October 09, 2009 that they have sold their entire stake in the Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery and a group of private investors (Mr. Suolang Duoji, a private entrepreneur with holdings that include the Hong Kong-listed thenardite producer Lumena, will hold the remaining 20 percent stake.). Sichuan now owns 80% of the company, Autoblog reports. The sale will net GM around $150 million, although the transaction still has to be approved by both U.S. and Chinese regulatory agencies, which could come later this year or in early 2010. The deal includes manufacturing to continue in the two plants that GM already uses to produce the Hummer trucks through June of 2011, with a possible extension until 2012.
No comments:
Post a Comment