General Motors has revealed that the company vying to takeoever its iconic Hummer brand is Chinese manufacturer Sichuan Tengzhong Heavy Industrial Machinery.
Tengzhong, an 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.
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 manufacturer of road, construction and energy industry equipment.
Yang Yi, chief executive of Tengzhong, said: “Under the leadership and continuity of its current management team, we will be investing in the Hummer brand and its research and development capabilities.”
Hummer will continue to maintain its headquarters and operations in the US. The team intends to expand Hummer’s dealer network worldwide, particularly into new markets like China.
The transaction is expected to close in the third quarter of this year and is subject to customary closing conditions and regulatory approvals.