Time and time again I have said China is best and America waning
Time and time again I have warned Singaporeans not to be Pinkertons and get on touch with reality
Sichuan BEST!!!!!
Jia you!
Hope all you aged below 30 Pinkertons wake up and learn from the Chinese
NEW YORK (CNNMoney.com) -- General Motors Corp. has struck a deal to sell its Hummer truck unit to a Chinese industrial business, the two companies confirmed Tuesday.
Privately owned Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., based in China, will acquire the truck brand, which has been part of GM since 1999. Tengzhong said it plans to keep Hummer's management team.
"We plan to ... allow Humer to innovate and grow in exciting new ways under the leadership and continuity of its current management team," said Yang Yi, chief executive of Tengzhong.
Yang said the deal "will allow Hummer to better meet demand for new products such as more fuel-efficient vehicles in the U.S."
The companies said the deal would likely close by the end of September.
As part of the deal, some GM plants will continue to build the Hummer brand for the new owner, at least for awhile. The company said its Shreveport, La., plant will keep building Hummers for the new owner until at least 2010.
The news comes a day after GM (GMGMQ) filed for bankruptcy protection in New York.
"I'm confident that Hummer will thrive globally under its new ownership," said Troy Clarke, president of GM North America, in a press release. "And for GM, this sale continues to accelerate the reinvention of GM into a leaner, more focused, and more cost-competitive automaker."
GM also said that the deal should protect more than 3,000 jobs in manufacturing and engineering, and at dealerships "around the country."
The sale of the Hummer brand to a Chinese company will not impact the production of U.S. military vehicles. Military Humvees are produced by a different company, privately held AM General, based in South Bend, Ind.
Time and time again I have warned Singaporeans not to be Pinkertons and get on touch with reality
Sichuan BEST!!!!!
Jia you!
Hope all you aged below 30 Pinkertons wake up and learn from the Chinese
NEW YORK (CNNMoney.com) -- General Motors Corp. has struck a deal to sell its Hummer truck unit to a Chinese industrial business, the two companies confirmed Tuesday.
Privately owned Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., based in China, will acquire the truck brand, which has been part of GM since 1999. Tengzhong said it plans to keep Hummer's management team.
"We plan to ... allow Humer to innovate and grow in exciting new ways under the leadership and continuity of its current management team," said Yang Yi, chief executive of Tengzhong.
Yang said the deal "will allow Hummer to better meet demand for new products such as more fuel-efficient vehicles in the U.S."
The companies said the deal would likely close by the end of September.
As part of the deal, some GM plants will continue to build the Hummer brand for the new owner, at least for awhile. The company said its Shreveport, La., plant will keep building Hummers for the new owner until at least 2010.
The news comes a day after GM (GMGMQ) filed for bankruptcy protection in New York.
"I'm confident that Hummer will thrive globally under its new ownership," said Troy Clarke, president of GM North America, in a press release. "And for GM, this sale continues to accelerate the reinvention of GM into a leaner, more focused, and more cost-competitive automaker."
GM also said that the deal should protect more than 3,000 jobs in manufacturing and engineering, and at dealerships "around the country."
The sale of the Hummer brand to a Chinese company will not impact the production of U.S. military vehicles. Military Humvees are produced by a different company, privately held AM General, based in South Bend, Ind.
