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.
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