Tags: US | Hummer | Sale | Delay

GM's Plan to Sell Hummer to Chinese Firm Delayed

Monday, 01 Feb 2010 01:14 PM

General Motors' plan to sell the Hummer brand to a Chinese heavy equipment maker has been delayed by a month.

General Motors Co. and Sichuan Tengzhong Heavy Industrial Machinery Corp. said Monday they are extending the deadline to complete the transaction until Feb. 28 pending final approval by the Chinese government. The previous deadline was Jan. 31 for a definitive agreement to sell the brand once synonymous with America's love for big off-road vehicles.

Hummer spokesman Nick Richards said the deal has cleared U.S. regulatory hurdles. He said both companies are "optimistic the deal will be completed" by month's end.

Sichuan Tengzhong says it's cooperating with the approval process.

GM is selling Hummer to focus on core brands Chevrolet, Cadillac, Buick and GMC.

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General Motors' plan to sell the Hummer brand to a Chinese heavy equipment maker has been delayed by a month.General Motors Co. and Sichuan Tengzhong Heavy Industrial Machinery Corp. said Monday they are extending the deadline to complete the transaction until Feb. 28...
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2010-14-01
Monday, 01 Feb 2010 01:14 PM
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