Hummer Sold: GM sells Hummer to mystery buyer 06/02/09

June 2, 2009 — Yesterday, General Motors filed for bankruptcy, and now they sold Hummer to mystery buyer.

No body knows who bought Hummer. No details are available yet on who the new owners are or how much they’ve paid for the HUMMER brand

GM has announced that it has found a buyer for its Hummer brand, builder of colossal SUVs, which had been a dead weight on the now bankrupt GM for a long time.

GM plans to sell other non-performing brands as well. Pontiac, Saturn and Saab brands are next. This will help the General Motors to cut loose more than 2,000 of its 6,000 U.S. dealerships by next year.

An excerpt from PRESS RELEASE: 2009-06-02

The sale is expected to close by the end of third quarter of this year and is subject to customary closing conditions, including receipt of applicable regulatory approvals.

The deal is expected to secure more than 3,000 U.S. jobs in manufacturing, engineering and at HUMMER dealerships around the country. The transaction also includes plans by the investor to aggressively fund future HUMMER product programs. Under terms of the MoU, the identity of the purchaser and proposed financial terms of the agreement are not being released at this time.

“HUMMER is a strong brand,” said Troy Clarke, President of GM North America. “I’m confident that HUMMER will thrive globally under its new ownership. And for GM, this sale continues to accelerate the reinvention of GM into a leaner, more focused, and more cost-competitive automaker .”

As part of the proposed transaction, HUMMER will continue to contract vehicle manufacturing and business services from GM during a defined transitional time period. For example, under the proposed agreement, GM’s Shreveport Assembly plant would continue to contract assemble the H3 and H3T through at least 2010.

So who do you thinks is the mystery buyer?

Did Ford bought Hummer?
Or did GM sold Hummer to Toyota?
or Nissan?
how about Kia?

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Mommy Iris

I'm a lifestyle and mommy blogger from the Philippines. Pinay Ads was created to share bits and pieces of my life and my family. I have a wide array of interests that include entertainment, movies, music, gadgets, traveling, food, baking, and more. So, I hope you’ll stick around and enjoy reading!