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GM and Tengzhong finalize deal for sale of Hummer

DETROIT and SICHUAN – GM and Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd. have signed a definitive agreement for Tengzhong’s acquisition of the Hummer brand, the two companies announced on October 9.

Tengzhong will acquire the ownership of the Hummer brand, trademark and trade names, as well specific IP license rights for the manufacture of Hummer vehicles, through an investment entity in which it will hold an 80 percent stake, according to terms of the agreement.

Hummer will retain its existing leadership team and contract vehicle manufacturing from GM’s manufacturing facilities in the U.S.

Financial terms of the agreement were not disclosed and the transaction is still pending regulatory approvals by both U.S. and Chinese government agencies.

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