US-based General Motors has signed an agreement to sell car brand Hummer to Chinese heavy equipment company Sichuan Tengzhong. There has been no official disclosure of the financial terms of the agreement, but media reports say that the brand was sold for a sum of $150 million. The company?s management team will remain the same under its new owners, and it will have its headquarters either in Detroit, or Auburn Hills, Michigan. The agreement is yet to be approved by the Chinese and US governments.
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Tuesday, October 13, 2009
GM sells Hummer to Chinese company
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