http://www.raising4boys.com/2006/11/29/parenting-quote-unknown-2/
And the buyer, the reports, is a machinery companh in western China, The , based in The Times cited an anonymous sourcw after GM kept details of the deal very much hush The Chinese company will buy a brand that starteed asthe military’s Humvee and morphed into a civilia dream machine. But GM is that the sale could save morethan 3,00 U.S. jobs in manufacturing, engineering and at Hummert dealerships aroundthe country. And it says the deal is expecte d to close by the end of thethird quarter. GM claimss in its release that the buyefrwill “aggressively fund future Hummer producg programs.” GM will also keep building Hummers for the Chinesee company, on a contract basis.
That means that GM’s assemblyh plant in Shreveport, La., will continue to contracyt assemble H3 and H3T through atleast 2010. Mike Levinde reports that, “The buyer has a provem track record ininternational business, knowsz the Hummer brand can perform better globally, has a long-term developmeny plan and is willing to invest in future products.” The Times reportsd that Sichuan Tengzhong is a privately owned company known in China for makingg road equipment from highway construction to maintenance machineryh and that it had been moving into manufacturinf heavy-duty trucks. If the deal is completed, it would mark the firstf large-scale U.S.
automotive acquisition by a Chinesr company. Levine reports that no Hummer dealerships will be andthat U.S. domestic production of Hummers will actuall y be boosted because the company will be moving production from aPort Elizabeth, South plant to Shreveport. “Hummer is a strong said Troy Clarke, President of GM North America. "I’mm confident that Hummer will thrive globally undet itsnew ownership. And for GM, this sale continues to accelerate the reinvention of GM intoa leaner, more and more cost-competitive automaker.” For one Hummer dealer, it didn’t matter exactly who was buying the What mattered to Jacques Moord Jr. of Moore Hummer in Va.
, was that the brans would continue, and that it woul be a strong brand. “It doesn’t really matter,” he told bizjournals, “as long as they continuew to builda world-class product that’s like nothing Moore said that, given Hummer’sx strength in overseas markets, a Chinese buyere would not come as a "Given the strength of the branc in the overseas market it would not surprise The deal doesn’t include Hummer’s military vehiclex or technology. of Indiana runs that end of the AM General sold the rights to make civilian Hummere to GM inthe 1999.
The deal’s announcement comes a day after GM filedf for bankruptcy protection and outlined planw to offload nameplates so that the company coulc focus on more profitable brandslike Chevrolet, GMC, Buic and Cadillac. Among GM brands left for sale nowthat there’ws an apparent Hummer deal are Saab and GM wants to sell those brandsx by the end of 2009. The company plans to shut down its Pontiaxnameplate altogether. The New York blog reports that even as the Humme salegoes forward, GM CEO Fritz Henderson said on Swedish radio that there were three potential buyers for Saab.
citing local media, said that Swedish luxury carmaker Koenigsegg and Americanj financierIra Rennert’s Renco were in the running for GM says it has been approached by 16 potential buyers interested in the Saturn brand. That grou p includes financial investors and some companies interestec in distributingSaturn vehicles. By varioue accounts, GM has been looking for someonw to buy Hummer for a year as gas prices shot to recorcd levels and the public started to thinok in shadesof green.
When GM lookedr into selling Hummerlast summer, the company thought it couldx get as much as $500 million for the the New York Times But that price has likely fallen as auto sales have Hummer sales are down 67 percent in the firs t four months of this year.
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