NEW YORK — General Motors Corp. has a tentative agreement to sell its Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery Co. of China, a person briefed on the deal told the Associated Press.
GM announced Tuesday that it has a memorandum of understanding to sell the brand of rugged SUVs, but the company didn't disclose the buyer.
A formal announcement of the buyer's identity was to be made Tuesday afternoon.
Sichuan Tengzhong deals in road construction, plastics, resins and other industrial products, but the person briefed on the deal says Hummer would be its first step into the automotive business. The person spoke on condition of anonymity because the details have not been made public.
General Motors has not yet confirmed the identity of the buyer or the price being paid for it's SUV-only division, but said the sale will likely save more than 3,000 U.S. jobs in manufacturing, engineering and at various Hummer dealerships.
"We're not today in a position to be able to identify a buyer. it was part of the agreement," GM Chief Executive Fritz Henderson told CBS's "The Early Show." "We believe the buyer is quite capable of closing." - FOX News Story
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