Sichuan Tenzhong Buys Hummer After GM Files Bancruptcy

Who bought Hummer?

Sichuan Tengzhong Heavy Industrial Machinery Co. Ltd. plans to purchase the Hummer brand from General Motors, the mammoth U.S. auto maker that filed for bankruptcy yesterday.

Hummer is the brand attached to GM’s line of street-legal vehicles based on the HMMWV, or humvee. The abbreviation stands for High Mobility Multipurpose Wheeled Vehicle. Many people still call refer to a GM Hummer as a humvee.

About Sichuan Tengzhong

Sichuan Tenzhong is a Chinese company based in Chengdu. There is still at least one other company interested in buying Hummer, but those talks are on hold. Bloomberg.com reports that GM has a “memorandum of understanding” with Sichuan Tengzhong.

Sichuan Tengzhong “is a privately owned maker of special-use vehicles, structural components for highways and bridges, and construction machinery,” according to Bloomberg.

Few details on the deal

The agreement between GM and Sichuan Tengzhong is confidential, so the selling price for the Hummer brand is unknown. In GM’s bankruptcy court documents, CEO Fritz Henderson estimated Hummer’s worth at $500 million.

GM did say in a statement today that the deal will close by the end of third quarter. So if you want to buy an American-made humvee you’d better get some quick cash now.

The Hummer business

Hummer has been a highly recognized brand under the GM umbrella since it bought the brand name from AM General Motors in 1998. AM General motors originally only manufactured humvees for the military, but it started making civilian humvees under the brand name Hummer in 1992.

Since acquiring the Hummer brand, GM has sold the vehicles under that name and used the Hummer trademark on colognes, flashlights, bicycles, shoes, coats, hats, laptops, clothing, CD players and other items. ... click here to read the rest of the article titled "Sichuan Tenzhong Buys Hummer After GM Files Bancruptcy"