China’s Sichuan Tengzhong Heavy Industrial Machinery Co. LTD is announced the impending buyer of General Motor’s Hummer division is. GM said that Tengzhong, which is based in the Chinese province of Sichuan, is a “privately-owned company and a leading domestic manufacturer of road, construction and energy industry equipment.” GM said that the sale is expected to close by the end of third quarter of 2009 and that it will secure more than 3,000 US jobs.
“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. “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’s chief James Taylor said that with Tengzhong’s investment and strong support, they will be able to make their 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.”