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Business – Tengzhong to acquire GM’s Hummer brand

WASHINGTON: China’s machinery maker Tengzhong will acquire US auto giant General Motors’ Hummer sport-utility vehicle brand, the two companies
announced on Friday.

Tengzhong intends to purchase Hummer through an investment entity, in which it will hold an 80 per cent stake, a statement said.

Suolang Duoji, a private entrepreneur with holdings that include the Hong Kong-listed industrial chemical producer Lumena, will hold the remaining per cent stake.

Financial terms of the agreement were not disclosed. GM and little-known Tengzhong in early June signed a tentative agreement for the Chinese firm to buy the gas-guzzling Hummer nameplate.

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October 14, 2009 - Posted by | Uncategorized |

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