General Motors announced today that it has signed a definitive agreement to sell its Hummer brand to China's Sichuan Tengzhong Heavy Industrial Machinery Co.
The sale includes all rights to the Hummer name and its current product lineup, which General Motors will continue to produce for the new owner until June 2011, with a possible extention to June 2012. General Motors says the agreement will secure 3,000 jobs in the United States.
The sale ends General Motors efforts to trim the number of brands that it markets to four, after the elimnation of the Pontiac and Saturn, and sale of Saab to a Swedish consortium.
Financial terms of the agreement with Sichuan Tengzhong were not released.