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Old 10-09-2009, 03:15 PM   #1
teh POD
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Default BREAKING: GM officially sells Hummer to China's Sichuan Tengzhong

http://www.autoblog.com/2009/10/09/b...ld-to-chinese/

Quote:
Originally Posted by Autoblog
General Motors has reached an agreement to offload Hummer onto China's Sichuan Tengzhong Heavy Industrial Machinery, with Tengzhong taking an 80 percent stake and a private investor consuming the rest.

Details on the deal (available in the press release after the jump) include Hummer contacting vehicle manufacturing from GM, with the General's Shrevport and Mishawaka plants continuing to produce vehicles through June of 2011, with a possible extension until 2012. A recent report says the sale will net GM around $150 million, although the transaction still has to be approved by both U.S. and Chinese regulatory agencies, which could come later this year or in early 2010.

Tengzhong, which only produces commercial trucks and industrial equipment, has never entered into consumer vehicles before, but according to Yang Yi, chief executive officer of Tengzhong. "We are excited about some of the initiatives already underway at HUMMER that we believe our investment will be able to accelerate, particularly related to the creation of the next generation of more fuel-efficient vehicles to meet not only future regulations but also customer expectations."

[Source: GM | Photo by Scott Olson/Getty]
Quote:
PRESS RELEASE

General Motors and Tengzhong Sign Definitive Agreement For Sale of HUMMER


DETROIT and SICHUAN, Oct. 9, 2009 - General Motors (GM) and Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd (Tengzhong), today announced that the companies have entered into a definitive agreement that will allow Tengzhong to acquire GM's premium all-terrain HUMMER brand.

Under the terms of the definitive agreement, the buyer will acquire the ownership of the HUMMER brand, trademark and tradenames, as well as specific IP license rights necessary for the manufacture of HUMMER vehicles. The buyer will also assume the existing dealer agreements relating to HUMMER's dealership network.

Tengzhong intends to purchase HUMMER through an investment entity, in which it will hold an 80 percent stake. Mr. Suolang Duoji, a private entrepreneur with holdings that include the Hong Kong-listed thenardite producer Lumena, will hold the remaining 20 percent stake. Financial terms of the agreement were not disclosed.

The transaction is subject to customary closing conditions and regulatory approvals and/or review by government agencies in the U.S. and China. The completion of the definitive agreement enables the companies to continue and further the overall regulatory review process.

"HUMMER is a strong global niche brand and this agreement signifies another important milestone in writing the next chapter for both GM and HUMMER," said Fritz Henderson, GM President and CEO. "For HUMMER, the combination of its knowledgeable leadership team, vehicle design expertise and the capital financing of Tengzhong portend a successful future."

Under the agreement, HUMMER would contract vehicle manufacturing, key components and business services from GM during a defined transitional time period. For example, GM's Shreveport assembly plant would continue to contract assemble the H3 and H3T and AM General's Mishawaka assembly plant will continue to assemble the H2. Both facilities will produce the specified vehicles until June 2011, with an optional one year extension until June 2012. The deal is expected to secure more than 3,000 jobs in the U.S. related to the sale and manufacturing of HUMMER vehicles.

HUMMER will continue to be managed by members of its existing leadership team including James Taylor, who will remain in his current role as HUMMER's chief executive officer. Prior to joining HUMMER, Taylor was General Manager of Cadillac where he oversaw a reinvigoration of the brand, leading key innovations in design and technology as well as the development of new models.

"We are fortunate to have a partner who understands and recognizes the importance of continuing investment in HUMMER's heritage as a U.S.-based and branded company with a view toward capitalizing on global opportunities," said Taylor. "Backed by a privately owned and well-capitalized company, we are going to be able to focus on providing customers with more efficient models that deliver HUMMER's promise of authentic, purpose-built design and engineering."

Once the transaction is complete, HUMMER will become the first automaker to offer an alternative fuel powertrain in every model, with the addition of E85 FlexFuel capability in the 2010 H3 and H3T. HUMMER is also in the process of obtaining emissions certification for a diesel H3 that will be introduced in markets outside of North America. The brand's future product development will focus on improving efficiency and performance in current HUMMER models with alternative fuel powertrains, more efficient gas engines, 6-speed transmissions and diesel engines.

"This transaction marks an exciting step for both Tengzhong and HUMMER, as we invest in a business that has significant opportunity in the U.S. and around the globe," said Yang Yi, chief executive officer of Tengzhong. "We are excited about some of the initiatives already underway at HUMMER that we believe our investment will be able to accelerate, particularly related to the creation of the next generation of more fuel-efficient vehicles to meet not only future regulations but also customer expectations."

Credit Suisse is acting as exclusive financial advisor and Shearman & Sterling is acting as international legal counsel to Tengzhong on this transaction. Citi is acting as financial advisor to GM.

For more information on the agreement go to www.transactioninfo.com/tengzhong.
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Old 10-09-2009, 03:27 PM   #2
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So what does that mean for the US Military? Maybe I missed something. But all in all its saddening to sell an American icon overseas.
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Old 10-09-2009, 03:32 PM   #3
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Does this mean Hummer is dead? Or that now it will just be made in China with everything else?
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Old 10-09-2009, 03:50 PM   #4
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So what does that mean for the US Military? Maybe I missed something. But all in all its saddening to sell an American icon overseas.
Different company.
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Old 10-09-2009, 06:38 PM   #5
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not like any of you own hummers so this doesnt matter anyway....
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Old 10-09-2009, 06:46 PM   #6
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Different company.
Not to mention HMMMVS are at the end of their life cycle.
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Old 10-09-2009, 07:14 PM   #7
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AM General has been separated from the civilian "Hummer" for a long time.

Last edited by au82; 10-09-2009 at 07:25 PM.
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Old 10-09-2009, 09:02 PM   #8
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Hummer will still be HQ'd in Michigan, will retain some of the design and staff into the new company... all the haters can whaaa now.
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Old 10-09-2009, 10:02 PM   #9
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HAHA!!!!!!!

So much for the ultimate example of four-wheeled Machismo.
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Old 10-10-2009, 01:42 PM   #10
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Originally Posted by au82 View Post
AM General has been separated from the civilian "Hummer" for a long time.
The crack news staff at NBC Nightly News was too lazy to do research and they also thought it was the same company that made the military vehicle. Yet another reason to hate TV news broadcasts
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Old 10-10-2009, 10:14 PM   #11
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Originally Posted by JuggernautTCW View Post
not like any of you own hummers so this doesnt matter anyway....
Nice post.

So you don't believe anyone should be interested in or discuss car related news unless they own said car.... or at least you've made it clear that no one should ask questions regarding the news.

Which begs the question. Why are you posting your useless comments in a Hummer thread? You don't own one.

You're obviously a strong supporter of worthless semi-offensive posts though.

So here's another. Enjoy.

Moron.
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Old 10-11-2009, 04:58 AM   #12
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Default Hummer deal application not in yet, China ministry says

Quote:
BEIJING (Reuters) -- China's Commerce Ministry said on Saturday that it has not yet received an application about machinery maker Tengzhong's bid to buy General Motors' Hummer brand.

GM signed a deal on Friday to sell its iconic but tarnished Hummer brand to an investment partnership headed by the hitherto obscure Chinese machinery maker, based in the country's southwest province of Sichuan.

"The Ministry of Commerce has yet to receive an application concerning Tengzhong's purchase of Hummer," a Ministry official was quoted as saying in a brief report on Chinese state radio.

"Currently, the Sichuan province commerce office is preparing to report the situation to the Ministry of Commerce, and because nothing is known about the specific content of the purchase agreement, for now (the ministry) will not say any more," the report cited the unnamed official as saying.

It was unclear whether the Ministry's statement suggested any regulatory obstacle to the deal.

Tengzhong needs approval from the Chinese government, including the Ministry of Commerce, which industry and government officials say holds the ultimate authority over the deal.

Chinese officials have signaled that the deal would be treated favorably, Jim Taylor, the GM executive who has helped steer the sale, said on Friday.

A completed deal would mark the first major acquisition of distressed U.S. auto assets in the global downturn by Chinese firms seeking to acquire higher profile names and more advanced technology
http://www.autonews.com/article/2009...910109996/1263

Last edited by AVANTI R5; 10-11-2009 at 09:44 AM. Reason: link
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Old 10-11-2009, 10:00 AM   #13
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Default How Sichuan Tengzhong Can Save Hummer




Quote:
The sale of General Motors' Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery Corp. is all but finalized, and this will surely upset a few of the brand's diehard fans. I, for one, think the sale is a great thing for a niche brand like Hummer.

Despite some pundits' reports that Hummer vehicles are actually little more than rebadged, boxy versions of existing products like the Chevrolet Tahoe or Colorado, all Hummers are extensively modified under the skin to improve off-road ability and durability. Now that Hummer is poised to be free of its GM ties, the vehicles can be even more distinct, and there's a good chance their off-road abilities will be even better once development work resumes.

One of the biggest drawbacks with GM owning Hummer was that all Hummer products had to pass the same durability and quality tests as other GM products. That made it all but impossible for Hummer to offer larger, more aggressive off-road tires, burly winch bumpers, or other accessories that off-roaders immediately purchase for a new vehicle through dealerships. Accessories like these simply couldn't meet GM's internal requirements. That isn't to say the products weren't durable enough to stand up to the needs of off-roaders, just that getting a certified accessory for a GM product would include tests that make no sense for an off-road vehicle.

While Hummer was a part of GM, it was difficult to find and keep good employees, because GM's corporate structure favors people who quickly change jobs and gain experience in diverse disciplines and divisions. That's not good when your products are as specialized as Hummers. Now that Hummer is its own brand, qualified employees can stick with one role and do it well. It's no longer likely the guy in charge of the H4 suspension will have previously been working on family sedans.

Hummer will also get a lot more attention from its new owners because Sichuan Tengzhong Heavy Industrial Machinery Corp. doesn't have a plethora of other automotive brands that require research and development, marketing, and operational budgets. Since Hummer will be Sichuan Tengzhong's only automotive brand, it should, one presumes, get much more attention and the funding it requires to succeed. Being the smallest brand at GM certainly didn't help Hummer, especially after gas prices spiked and GM executives headed to Washington to beg for bailout money.

It's still far too early to say Hummer has a rosy future but, frankly, I can't see Sichuan Tengzhong Heavy Industrial Machinery Corp. being a worse owner than GM. At least the brand's future looks a little more secure at this point, though the Saturn ordeal prevents me from being too optimistic until the money actually changes hands
http://blogs.automobilemag.com/65948...mer/index.html
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Old 02-25-2010, 04:08 AM   #14
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Default The Hummer is Dead




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Hummers may have toyed with adapting to leaner times as plug-in hybrids, but the end has finally come for the long-time sport-utility brand based on the military workhorse. A General Motors deal to sell off its brand to a Chinese manufacturer collapsed after the companies were still waiting on Chinese government approval, the New York Times reports.

This truly makes 2010 the end of an era for both the civilian and military versions of the Hummer. The U.S. Army announced earlier this month that it would no longer order Humvees, and would instead turn to the armored MRAPs that have proven more resistant to roadside bombs in Iraq and Afghanistan. But the Army still plans to keep its existing Humvees in service, according to DOD Buzz

The civilian Hummer brand was perhaps more a victim of the recession rather than gas prices, although sales of the gas-guzzling vehicle have plummeted in recent years. In no small irony, Hummer sales have only remained robust in Russia. Keep in mind that the Russians have also produced a DIY car-to-tank conversion for those treacherous road conditions.

GM has already commenced shutting down its Saturn and Pontiac brands, and was set to do the same for Saab until it reached an agreement with the Dutch company Spyker Cars. The U.S. automaker has only survived so far by accepting a major U.S. government investment, but hopes to rebound with more efficient cars and crossovers. If the Chinese deal had succeeded, Sichuan Tengzhong Heavy Industrial Machines Company would have become the first Chinese company to sell vehicles in North America. But at least GM will still honor Hummer warranties and continue providing service and parts to owners worldwide.

[via New York Times
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Old 02-25-2010, 09:38 AM   #15
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well, my truck is about to go up in value.

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Old 02-25-2010, 09:59 AM   #16
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kinda wonder what kinda discount they will give a H3
i want me a 5.3 ....
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Old 02-25-2010, 10:58 AM   #17
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Happy days...I guess all the hits to www.fuh2.com will decline now, what shame, always good for a laugh.
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Old 02-25-2010, 12:49 PM   #18
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kinda wonder what kinda discount they will give a H3
i want me a 5.3 ....
indeed. id love a loaded out H3T with the V8. id be concerned about warrenty issues and where i could get warrenty work done, sorta like the saturn issue.
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Old 02-25-2010, 03:08 PM   #19
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I'm sure the warranty will be honored by GM.
I think this will actually be good for Hummer value, at least long term.
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Old 02-25-2010, 03:19 PM   #20
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Originally Posted by eachit View Post
Nice post.

So you don't believe anyone should be interested in or discuss car related news unless they own said car.... or at least you've made it clear that no one should ask questions regarding the news.

Which begs the question. Why are you posting your useless comments in a Hummer thread? You don't own one.

You're obviously a strong supporter of worthless semi-offensive posts though.

So here's another. Enjoy.

Moron.
Yeah. It isn't like this is the Non-Subaru News & Rumors section of a Subaru dedicated online forum or anything.
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Old 02-25-2010, 03:23 PM   #21
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Happy days...I guess all the hits to www.fuh2.com will decline now, what shame, always good for a laugh.
Severe auto envy
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Old 02-25-2010, 04:04 PM   #22
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Default The title of this thread...

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Old 02-25-2010, 06:38 PM   #23
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Originally Posted by SCRAPPYDO View Post
Happy days...I guess all the hits to www.fuh2.com will decline now, what shame, always good for a laugh.
Worthless site.

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Originally Posted by Masterauto View Post
Severe auto envy

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Originally Posted by rsholland View Post
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Old 02-25-2010, 07:10 PM   #24
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Originally Posted by hondahata View Post
http://en.wikipedia.org/wiki/Dewey_Defeats_Truman


Now relate this thread headline title (BREAKING: GM officially sells Hummer to China's Sichuan Tengzhong) to the Truman/Dewey headline.

Bob
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Old 02-26-2010, 12:51 PM   #25
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. . . and more bids are considered
http://abcnews.go.com/Business/wireStory?id=9949295

Nick
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