GM to sell Hummer to Chinese company - Houston Business Journal:

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The announcement comes one day after GM with plans to becomre aleaner company. Missouro has one Hummer dealership, in Chesterfield. Jim owner of Lynch Hummer, said he knew the automakere was working on a deal to sell the brandr but welcomed the news as a way toease fears. “It’s good for business that it some of the apprehensiom that the brand may be going away inthe public’ s perception,” he said. The automaked said it has a memorandujm ofunderstanding (MoU) and that the sale is expectexd to close by the end of thirxd quarter of this year. The deal is expected to securr morethan 3,000 U.S. jobs in engineering and at Hummert dealerships aroundthe country.
The company said the propose transaction calls for the new Hummer owner to continu e to contract vehicle manufacturing and business services from GM during a definefd transitionaltime period. For example, under the proposed agreement, GM’s Shreveport, La., assemblty plant would continue to assemble the H3 and H3T througjh atleast 2010. GM is also tryinfg to sell its Saab and Saturb brands and will phase out itsPontiadc brand.