GM Signs MoU to Sell Hummer
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“Hummer is a strong brand,” Troy Clarke, GM North America president said upon announcing the MoU. "I’m confident that Hummer will thrive globally under its new ownership. And for GM, this sale continues to accelerate the reinvention of GM into a leaner, more focused, and more cost-competitive automaker."(
Although the name of the buyer has not been made public, GM claims that the deal will allow to secure more than 3,000 U.S. jobs in manufacturing, engineering and in Hummer dealerships across the country. The deal includes an obligation from the investor "aggressively fund future Hummer product programs."
"GM has developed Hummer into a globally recognized off-road brand,” James Taylor, Hummer chief executive officer added. “The proposed agreement will enable us to continue that growth and maximize the brand’s potential through new, innovative off-road vehicles with improved efficiency and alternative fuel powertrains. Today’s announcement is great news for Hummer’s current and future customers, dealers, suppliers and employees around the globe.”
And that's about it. Citing the "terms of the agreement", GM says that neither the name of the buyer nor the full details of the agreement will be made public at this time. The only other thing made public by the company was that Citi acted as a financial advisor for GM in the deal.
Despite all this secrecy, the step is an important one for the company to get through bankruptcy safely, as well as a good news for the people involved with the brand.
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