GM Will Close Hummer Sale

As part of General Motors Co.’s restructuring plans following its brief stint in bankruptcy, the automaker promised to shed several of its brands to become a leaner, more focused company. This commitment has led to the sale of the Hummer brand to China’s Tengzhong Heavy Industrial Machinery Co. for $150 million.
The acquisition may not go completely smoothly for Tengzhong, as the Chinese government has expressed a certain amount of resentment over the deal that would place the gas-guzzling vehicles in Chinese hands. However, Tengzhong’s chairman is expected to announce the deal with GM from Detroit next week.
The deal will allow …read more