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General Motors Finds a Buyer for Hummer
Tuesday, June 2, 4:51 PM ET

General Motors said today it has reached a deal to sell its military-style vehicle Hummer.

GM said the deal is expected to close by the end of the third quarter, but it did not name a buyer or a price.

The New York Times reported that the buyer is Sichuan Tengzhong Heavy Industrial Machinery, a private company in Chengdu, China. GM said the deal would maintain 3,000 Hummer-related jobs in the U.S.

The clock is ticking for GM; it has 90 days to restructure itself and emerge from bankruptcy. The company also plans to sell off its Saab, Saturn and Pontiac brands.

For MarketNewsVideo.com, I'm Angela Salvucci.

General Motors Finds a Buyer for Hummer picture
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