AP Source: GM nearing completion of Hummer sale

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Associated Press

Posted on October 8, 2009 at 1:03 PM

DETROIT (AP) — A person briefed on the matter says General Motors Co. is expected to sign a deal to sell its Hummer brand to a Chinese heavy equipment manufacturer as early as Thursday afternoon.

The person says GM and Sichuan Tengzhong Heavy Industrial Machinery Corp. are preparing to sign a definitive sales agreement for the iconic off-road brand. The person did not want to be identified because the deal has not been finalized.

The purchase price was not known, but GM said in its bankruptcy filing that Hummer might bring $500 million or more.

GM spent 40 days in bankruptcy protection during the summer and has received about $50 billion in U.S. government aid. The company is selling or scrapping brands to focus on Chevrolet, Cadillac, Buick and GMC.

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