GM Sells Hummer To China Industrial Business
From Financial Times:
China is set to gain a toehold in the North American car market through Sichuan Tengzhong Heavy Industrial Machinery’s acquisition from General Motors of Hummer, the hulking symbol of Americans’ fading love affair with gas guzzlers.
The two sides said yesterday that they had reached a “definitive agreement”, which remains subject to US and Chinese government approval. Terms were not disclosed. The purchase price, understood to be about $150m, could be affected by conditions set by the two governments.
Tengzhong, a privately-owned manufacturer whose business has been confined to heavy equipment, highway and bridge components and construction machinery, said that it would introduce more fuel-efficient models for markets outside North America.