DailyTech reported yesterday on GM's announcement that it had found a buyer for the Hummer brand of heavy utility vehicles. The mystery buyer promised to take on the brand and help expand its international presence. In the process it saved a number of jobs at Hummer plants and helped GM complete a major step toward moving out of bankruptcy.
Now the identity of the mystery buyer has been revealed. Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., a Chinese industrial firm, will be purchasing the brand and attempting to revive it.
States Yang Yi, chief executive of Tengzhong, "We plan to ... allow Hummer to innovate and grow in exciting new ways under the leadership and continuity of its current management team."
He did, however, hint at changes stating that the deal "will allow Hummer to better meet demand for new products such as more fuel-efficient vehicles in the U.S."
The companies hope to have the deal finalized by September. The deal does not concern the military Hummer technology owned by defense contractor AM General, which licensed the brand name to GM for civilian vehicle purposes. AM General will now, in turn, license the name to Sichuan Tengzhong, which will continue the civilian Hummer development.
quote: What is their fair share? How much would you like to steal from them? Please, tell me. How much more of their success would you like to penalize so that you don't have to pay any taxes?
quote: You're blaming the wrong people Keeir. Instead of milking the rich, why don't you to go down to the ghetto, and tell those poor people to quit expecting a handout of money, food, and house payments...and go get a F*cking job. Oh, and then tell them that they will pay just as much in taxes as everyone else.