GM sells Hummer
* Chinese firm to take control * Deal to safeguard US jobs * Part of GM's restructuring plan...
General Motors has agreed to sell its Hummer brand to the Chinese firm Tengzhong.
The sale of the 4x4 maker comes while GM is undergoing a period of restructuring after being bailed out by the US government.
GM's European brands, Opel and Vauxhall, are currently being sold to Canadian car parts firm Magna, while Saab is to be acquired by Swedish supercar maker Koenigsegg.
Under the terms of the agreement, Tengzhong will take ownership of the Hummer brand, trademark and trade names, as well as the license rights necessary for the production of Hummer vehicles.
Tengzhong intends to purchase Hummer through an investment entity, in which it will hold an 80% stake, while Chinese entrepreneur Mr Suolang Duoji will buy the remaining 20% stake.
Deal to safeguard jobs and customers
GM says the deal will help secure 3200 Hummer jobs in the US and ensure all Hummer customers' warranties will be honoured.
The deal is expected to be completed by the end of the year, but it won't include the sale of military technology Hummer makes Humvees for the US military.
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