GM to wind-down operations of Hummer after sale fails
February 25th, 2010 - 3:18 am ICT by BNO News
DETROIT (BNO NEWS) — General Motors (GM) on Wednesday said it will close down its Hummer brand after a Chinese buyer was unable to complete the planned acquisition. It will now wind-down all Hummer operations.
On October 9, 2009, General Motors announced that a definitive agreement was signed for Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd (Tengzhong) to acquire its Hummer brand. Under the defintiive agreement, Tengzhong would have acquired to ownership of the brand, trademark and trade names, as well as specific IP license rights necessary for the manufacture of Hummer vehicles. Tengzhong would also have assumed the existing dealer agreements related to Hummer’s dealership network.
But the planned acquisition came to an abrupt end on Wednesday when General Motors announced that Tengzhong was “unable” to complete the acquisition. ” We have since considered a number of possibilities for HUMMER along the way, and we are disappointed that the deal with Tengzhong could not be completed,” said John Smith, GM vice president of corporate planning and alliances. “GM will now work closely with HUMMER employees, dealers and suppliers to wind down the business in an orderly and responsible manner.”
It was not immediately clear why Tengzhong was unable to complete the deal.
General Motors said it will continue to honor Hummer warranties, while providing service support and spare parts to current Hummer owners around the world.
- GM to close down Hummer as its sale to Chinese firm fails - Feb 25, 2010
- GM sells Hummer to Sichuan Tengzhong Heavy Industrial Machinery - Oct 10, 2009
- General Motors agrees to sell Hummer to Chinese company - Oct 10, 2009
- GM confirms Saab sale to Spyker - Jan 27, 2010
- The End Of Hummer Story - Feb 26, 2010
- General Motors to end Saturn brand - Oct 01, 2009
- Sichuan Tengzhong buys GMs Hummer business - Jun 03, 2009
- General Motors agrees to sell Saab to Dutch company - Jan 27, 2010
- GM sells Hummer - Jun 02, 2009
- GM Ends Contract With Pontiac Today, Goodbye, GTO & Trans Am - Nov 01, 2010
- GM India remains unaffected by parents' bankruptcy petition - Jun 01, 2009
- GM borrows $4 billion more from US government - May 23, 2009
- GM recalls 1.5 million vehicles because of fire hazard - Jun 09, 2010
- GM in last-ditch talks to avoid bankruptcy as deadline looms (Lead) - May 23, 2009
- Fiat to expand presence in Indian market - May 09, 2012
Tags: alliances, bno, chinese buyer, corporate planning, dealer agreements, definitive agreement, general motors, gm, gm vice president, heavy industrial machinery, hummer, hummer owners, hummer vehicles, industrial machinery co, ip license, john smith, responsible manner, sichuan, spare parts, trade names