A day after filing for Chapter 11 bankruptcy protection, General Motors has announced it has found a buyer for its Hummer brand of SUVs. GM has not, however, named the party.
Earlier reports indicated that of the short-list of three potential buyers none of the companies were automakers. One is apparently a U.S. company and the two others are from overseas. The list apparently included wealthy individuals and private equity firms.
General Motors has also not revealed the deals of the sale, including just how much it got for the Hummer brand. The deal does give some hope to Hummer as the new company has plans to aggressively fund the development of future vehicles. The success of that plan would of course depend on if buyers return to their massive SUV buying ways once the recession subsides.
In 2008, 27,485 Hummers were sold in the U.S., down 51 percent from the year previous.
The good news in the interim is that the sale will save almost 3,000 jobs in manufacturing, engineering and at Hummer dealerships. GM will also continue to assemble the H3 and H3 SUT for the new company through 2010.
The deal is expected to be finalized by the third quarter of this year.
In the next several weeks GM is also expected to announce buyers (or at least lists of potential buyers) for Saab and Saturn.
[Source: Automotive News]