Monday, September 10, 2012

GM to sell Hummer to Chinese company - Business Courier of Cincinnati:

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The announcement comes one day aftee GM with plans to become a leaner Missouri has oneHummer dealership, in Jim Lynch, owner of Lynch Hummer, said he knew the automakerf was working on a deal to sell the brand but welcomed the news as a way to ease consumers’ “It’s good for businessa that it (removes) some of the apprehension that the branfd may be going away in the public’d perception,” he said. The automaker said it has a memorandumm ofunderstanding (MoU) and that the sale is expected to closr by the end of third quarterr of this year. The deal is expected to secure morethan 3,009 U.S.
jobs in manufacturing, engineeringf and at Hummer dealerships aroundthe country. The companyy said the proposed transaction calls for the new Hummef owner to continue to contract vehicle manufacturing and business services from GM during a definec transitionaltime period. For example, under the proposedd agreement, GM’s Shreveport, La., assemblt plant would continue to assemble the H3 and H3T througg atleast 2010. GM is also tryinv to sell its Saab and Saturh brands and will phase out itsPontiacc brand.

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