Posted on 06/02/2009 10:18:06 AM PDT by Mozilla
General Motors (GMGMQ Quote) has settled on a Chinese buyer for its Hummer brand, according to CNBC.
The Sichuan Tengzhong Heavy Industrial Machinery Co., in Chengdu, is the buyer, reported CNBC.
Sichuan Tengzhong is a private company, but the deal required approval by Beijing officials, who can veto any attempt at an overseas acquisition by a Chinese company and who closely follow deals over $100 million, reported The New York Times.
In a statement Tuesday, GM said the sale is expected to close by the end of third quarter.
GM, which filed for bankruptcy protection on Monday, said the deal is expected to "secure" more than 3,000 U.S. jobs in manufacturing, engineering and at Hummer dealerships around the country. The transaction also includes plans by the investor to "aggressively fund" future Hummer product programs, GM said.
The investor or the terms of the transaction aren't being disclosed by GM under the terms of the memorandum of understanding.
(Excerpt) Read more at thestreet.com ...
So, is it considered “racist” if a Photoshopper puts slanted headlights on an H3 photo? LOL ...
Restated : Obama breaking up American companies in order to sell off to fuel Socialist Agenda
No problem. China is our friend and greatest trading partner.
Ah.. THAT’s why they delayed announcing the “Who” element.
According to the Detroit News GM will provide cars for at least a year. So Government Motors, run by Obama, will force UAW workers to make cars for a Chinese company!
Saving the villiage by selling all the buildings to foreigners. Great.
sarcasm, I hope
The new Chinese Hummer will be the size of a Mini Cooper with all kinds of neat commando decals on it.
Stupid UAW. They played right into the Chinese hands.
The UAW can ask Africans who “work” for the Chinese in Africa what it is like. The Chinese beat and starve them - awful to work for. The UAW deserves what the Chinese will dish out. China and the Saudis will buy up America thanks to Pelosi/Reid/Obama NO Energy policy.
They bought Hummer because they couldn’t pronounce Chrysler...
Why should China shrink the Hummer? - they don't care about carbon footprints. But they could put some ninja warriors on it. ;-)
selling them an SUV company it truly "so what?" time.
Life ain’t fair.
We get stuck with Obama...and the Chinese get a Hummer.
Reverse engineering + industrial espionage [not to mention a 'Google' search] could make this quite a catch.
Yes.
No I asked you who owns Hummer.
And I'm telling you that you are right. Hu owns Hummer.
...
they only have to buy what clinton failed to give them....
TREASON
So, as the product of said foreign "friend" and debt holder, will the Hummer model line be exempt from CAFE regs?
What other vehicles does this company make that would offset the Hummer's fuel economy numbers?
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