According to DetNews, Shreveport has manufactured enough Hummers to last until a final deal between the parties is reached. Nick Richards, Hummer spokesman, says there were 2,100 Hummers at the end of December, enough to last some seven months given current sales rates.
Although the Hummer line will close on Monday, the Shreveport facility will continue to manufacture Chevrolet Colorado and Canyon mid-size pickups, as the gas-guzzler accounted for less than a quarter of the plant's volume anyway.
As stated in the deal signed last year, Hummer will be bought through an investment entity by Tengzong, who will own 80 percent of the company and Suolang Duoji, a private entrepreneur who will own the remaining stake. The value of the deal has not been disclosed.
As a result, Tengzhong will get ownership of the Hummer brand, all trademark and trade names, as well as intellectual properties rights to manufacturer Hummer vehicles. The Hummer dealership network will also pass over to the Chinese.
From the production standpoint, the Chinese owned Hummer will purchase components and business services from GM. The management team of the brand will remain largely unchanged, with James Taylor acting as CEO.