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06-03-2009, 03:12 AM
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#1
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Administrator
GMHummerAdmin is
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Join Date: Jan 2005
Posts: 722
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Hummer Has Been Sold To Chinese Firm Sichuan Tegzhong Heavy Industrial Machinery Comp
DETROIT and SICHUAN, June 2, 2009 - Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd (Tengzhong) and General Motors Corp. today confirmed details of their proposed transaction, pursuant to which, Tengzhong, a major industrial machinery group, will acquire the rights to the premium off-road HUMMER brand, along with a senior management and operational team. It will also assume existing dealer agreements relating to HUMMER's dealership network. It is contemplated that Tengzhong will, as part of the transaction, enter into a long-term contract assembly and key component and material supply agreement with GM. In an earlier statement, GM said it expects the deal if successful to secure more than 3,000 US jobs. The final terms of the deal are subject to final negotiations.
Based in the Chinese province of Sichuan, Tengzhong is a privately-owned company and a leading domestic manufacturer of road, construction and energy industry equipment. It will expand into the premium off-road vehicle segment through what will be a strategic acquisition for Tengzhong and a catalyst for HUMMER's growth in the U.S. and around the world.
"The HUMMER brand is synonymous with adventure, freedom and exhilaration, and we plan to continue that heritage by investing in the business, allowing HUMMER to innovate and grow in exciting new ways under the leadership and continuity of its current management team," said Yang Yi, CEO of Tengzhong. Mr. Yang continued, "We will be investing in the HUMMER brand and its research and development capabilities, which will allow HUMMER to better meet demand for new products such as more fuel-efficient vehicles in the U.S."
HUMMER will continue to maintain its headquarters and operations in the U.S., and will continue to be managed by its existing leadership team. The team intends to expand HUMMER's dealer network worldwide, particularly into new and underserved markets such as China.
"Today HUMMER is a globally recognized brand with excellent growth prospects, both in terms of new markets and new products for our existing markets," said James Taylor, HUMMER chief executive officer. "With Tengzhong's investment and strong support, we will be able to make our visions a reality. This transaction, if successful, will secure more than 3,000 U.S. jobs, and allow us to embark on a more aggressive global expansion, ensuring a successful future with our new partners."
The transaction is expected to close in the third quarter of this year and is subject to customary closing conditions and regulatory approvals. Financial terms of the agreement will not be disclosed at this time.
Credit Suisse is acting as exclusive financial advisor and Shearman & Stearling is acting as international legal counsel to Tengzhong on this transaction. Citi is acting as financial advisor to GM.
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06-03-2009, 03:20 AM
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#2
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Administrator
GMHummerAdmin is
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Posts: 722
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I am glad to see somebody bought Hummer all be it a Chinese firm. I would have liked to see it stay in America. The good thing about the deal from reports is production will be kept in the US so it's still American Made.
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06-03-2009, 03:07 PM
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#3
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Junior Member
sah is
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Join Date: Jun 2009
Posts: 1
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I am Chinese and I am very sorry to say that I have never heard of this so called "leading domestic manufacturer" of bla-bla-blah...
I don't like it to be a Chinese company that buys Hummer. We all know what Lenovo has done to Thinkpad. I do not think the Chinese companies are ready to run these top class brands now. Maybe 3 years later, but not now.
I am not blaming the Chinese bosses. It's just the economy environment needs a few more years to be built in China.
Anyway, wish god bless Hummer...
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11-25-2009, 12:00 PM
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#4
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Member
lovely09 is
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Join Date: Sep 2009
Posts: 50
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Yeah,i read one article and post on a social site regarding this announcement.I see the advantage that hummer is getting in to China and another way of introducing hummer around the world.
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01-30-2010, 12:48 PM
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#5
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Junior Member
hummer24 is
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Join Date: Jan 2010
Posts: 2
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Does anyone know where this is going?
are there any new hummers being produced at this time?
Any new models coming up??
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06-07-2010, 07:35 AM
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#6
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Indonesian Hummer devotee
singhanada is
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Join Date: Jun 2010
Location: Medan City; north Sumatra; Indonesia
Posts: 20
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is it an auspicious thing to be heard?
actually i's a little bit shock to hear this; the most famed car brand in its origin country now was sold for china; even i'm a chinese but i'm never like that; i'm a chinese that was born & grow in indonesia; i'm never like chinese products even the price could be more ecomomic than domestic price in my country; actually i'm disappointed even though i can't give any opinion about this because i had ever known this from an article in automotive magazine couple months ago ; i think that this is a terrible fate for hummer to end his name; his glory & his life in the country he was born
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06-07-2010, 02:02 PM
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#7
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Web Wheeler!
RuggedH2 is
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Join Date: Oct 2007
Location: SL,UT
Posts: 1,448
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Yeah well..... the Chinese deal didn't happen.
I personally am glad Hummer died as an American.
__________________
Black Sheep Hummer Squad, Moab
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