Stayed tuned but is seems that GM has a private buyer for HUMMER.
Should be releasing details over the next few days. They are hoping to save all th Hummer plants in the process.
GM has a BUYER for Hummer Brand
-
sampaglia
- CHC Trail Guide
- Posts: 545
- Joined: Sat Feb 20, 2010 9:38 am
- Contact:
-
njlondon
- CHC Trail Guide
- Posts: 954
- Joined: Tue Jul 04, 2006 10:52 pm
Re: GM has a BUYER for Hummer Brand
There are two interested parties. One is American, the other foreign.
The most likely American is Ronald Owen Perelman, an American billionaire investor who made his fortune buying beleaguered corporations and re-selling them later for enormous profits.
Once the richest man in America, he is now the 18th richest American, and 35th richest person in the world, with an estimated wealth of USD$10 billion.
He has invested in grocery, cigar, licorice, makeup, car, photography, television, camping, security, lottery, jewelry, banks, and comic book companies.
His company owns 70% of AM General, the makers of the Humvee for military and industry.
The most likely American is Ronald Owen Perelman, an American billionaire investor who made his fortune buying beleaguered corporations and re-selling them later for enormous profits.
Once the richest man in America, he is now the 18th richest American, and 35th richest person in the world, with an estimated wealth of USD$10 billion.
He has invested in grocery, cigar, licorice, makeup, car, photography, television, camping, security, lottery, jewelry, banks, and comic book companies.
His company owns 70% of AM General, the makers of the Humvee for military and industry.
-
sampaglia
- CHC Trail Guide
- Posts: 545
- Joined: Sat Feb 20, 2010 9:38 am
- Contact:
-
njlondon
- CHC Trail Guide
- Posts: 954
- Joined: Tue Jul 04, 2006 10:52 pm
Re: GM has a BUYER for Hummer Brand
GUANGZHOU, China ? General Motors has reached a preliminary agreement for the sale of its Hummer brand of large sport utility vehicles and pickup trucks to a machinery company in western China with ambitions to become a carmaker, a person familiar with the Chinese government approval process said Tuesday.
The Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., based in Chengdu, concluded the agreement with G.M., said the person, who insisted on anonymity.
Sichuan Tengzhong is a privately owned company, but Tuesday?s deal required preliminary vetting by Beijing officials, who retain the right to veto any effort at an overseas acquisition by a Chinese company and who give special attention to deals over $100 million.
G.M. announced the deal early Tuesday morning in Detroit but said that the memorandum of understanding would not allow it to reveal the buyer or the price. Industry analysts have estimated that the Hummer division would sell for less than $500 million.
G.M., in a blog posting, said it had seen the report regarding a Hummer buyer but could not comment on speculation.
Sichuan Tengzhong is known in China for making a wide range of road equipment, from bridge piers to highway construction and maintenance machinery. But even before the Hummer deal, the company has been moving more into heavy-duty trucks, including tow trucks and oil tankers.
Sichuan Tengzhong?s offices were closed on Tuesday evening and calls to its headquarters were not answered.
Ray Young, G.M.?s chief financial officer, said Tuesday that the prospective Hummer buyer had asked G.M. not to disclose their identity until the deal was concluded. ?It was their preference, and we respected that preference,? Mr. Young told analysts and reporters on a conference call.
G.M. said the deal would save about 3,000 jobs in the United States, including those at its 153 domestic dealerships, and that Hummer would remain based in the United States.
?Over all, we?re pretty pleased,? said a spokesman for Hummer, Nick Richards, without identifying the buyer. ?If you think about the qualities we?d want in a new owner for the brand, this buyer really met all the criteria. They?ve got a proven track record in international business, and they?ve got a long-term vision for the brand. They?ve got the capital to invest in more efficient vehicles, which is what?s necessary to grow the brand.?
If the purchase is completed, it would mark the first acquisition of a well-known American automotive brand by a Chinese company, after many months of speculation about when this might occur. Chinese automakers have already purchased the MG and Rover brands, two of the most famous names in British automotive history.
As a Chinese company, Sichuan Tengzhong could face a challenge in presenting the deal to American owners of Hummer. The brand has long sought to emphasize patriotism, stressing that the Hummer H1 was essentially the same vehicle built in the same factory as the Humvee that carries American soldiers into battle in Iraq and elsewhere.
The Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., based in Chengdu, concluded the agreement with G.M., said the person, who insisted on anonymity.
Sichuan Tengzhong is a privately owned company, but Tuesday?s deal required preliminary vetting by Beijing officials, who retain the right to veto any effort at an overseas acquisition by a Chinese company and who give special attention to deals over $100 million.
G.M. announced the deal early Tuesday morning in Detroit but said that the memorandum of understanding would not allow it to reveal the buyer or the price. Industry analysts have estimated that the Hummer division would sell for less than $500 million.
G.M., in a blog posting, said it had seen the report regarding a Hummer buyer but could not comment on speculation.
Sichuan Tengzhong is known in China for making a wide range of road equipment, from bridge piers to highway construction and maintenance machinery. But even before the Hummer deal, the company has been moving more into heavy-duty trucks, including tow trucks and oil tankers.
Sichuan Tengzhong?s offices were closed on Tuesday evening and calls to its headquarters were not answered.
Ray Young, G.M.?s chief financial officer, said Tuesday that the prospective Hummer buyer had asked G.M. not to disclose their identity until the deal was concluded. ?It was their preference, and we respected that preference,? Mr. Young told analysts and reporters on a conference call.
G.M. said the deal would save about 3,000 jobs in the United States, including those at its 153 domestic dealerships, and that Hummer would remain based in the United States.
?Over all, we?re pretty pleased,? said a spokesman for Hummer, Nick Richards, without identifying the buyer. ?If you think about the qualities we?d want in a new owner for the brand, this buyer really met all the criteria. They?ve got a proven track record in international business, and they?ve got a long-term vision for the brand. They?ve got the capital to invest in more efficient vehicles, which is what?s necessary to grow the brand.?
If the purchase is completed, it would mark the first acquisition of a well-known American automotive brand by a Chinese company, after many months of speculation about when this might occur. Chinese automakers have already purchased the MG and Rover brands, two of the most famous names in British automotive history.
As a Chinese company, Sichuan Tengzhong could face a challenge in presenting the deal to American owners of Hummer. The brand has long sought to emphasize patriotism, stressing that the Hummer H1 was essentially the same vehicle built in the same factory as the Humvee that carries American soldiers into battle in Iraq and elsewhere.
-
quochuydoan
- Club Member
- Posts: 15
- Joined: Wed Mar 18, 2009 12:17 pm
- Location: Montreal
- Contact:
Re: GM has a BUYER for Hummer Brand
Warranties <img src='http://www.canadianhummerclub.com/forum ... #>/huh.gif' class='bbc_emoticon' alt='???' /> Warranties <img src='http://www.canadianhummerclub.com/forum ... #>/huh.gif' class='bbc_emoticon' alt='???' /> Warranties <img src='http://www.canadianhummerclub.com/forum ... #>/huh.gif' class='bbc_emoticon' alt='???' />
Hi,
Do you know about the warranties now for ours vehicules with the dealer <img src='http://www.canadianhummerclub.com/forum ... #>/huh.gif' class='bbc_emoticon' alt='???' />
Thanks
Hi,
Do you know about the warranties now for ours vehicules with the dealer <img src='http://www.canadianhummerclub.com/forum ... #>/huh.gif' class='bbc_emoticon' alt='???' />
Thanks
-
njlondon
- CHC Trail Guide
- Posts: 954
- Joined: Tue Jul 04, 2006 10:52 pm
Re: GM has a BUYER for Hummer Brand
WHAT DOES THIS MEAN FOR MY CAR WARRANTY?
If you bought your Hummer "during the restructuring period" the Canadian and U.S. governments will back up your warranty completely, even if GM ultimately fails.
For Canadian buyers, that means you're covered if you bought their car or truck from April 7 onwards. Governments have yet to say when the end of the restructuring period will be.
WHAT IF I BOUGHT MY HUMMER BEFORE THE RESTRUCTURING PERIOD?
You will still have your warranty honoured, but only if GM manages to survive when it emerges from court in the U.S.
Should GM collapse a few years down the road, only those who bought their cars "during the restructuring period" will have their warranties backstopped by the government.
If the sale of Hummer is completed (it is now only a memorandum of agreement) then no doubt the new owners would honour existing warranties.
If you bought your Hummer "during the restructuring period" the Canadian and U.S. governments will back up your warranty completely, even if GM ultimately fails.
For Canadian buyers, that means you're covered if you bought their car or truck from April 7 onwards. Governments have yet to say when the end of the restructuring period will be.
WHAT IF I BOUGHT MY HUMMER BEFORE THE RESTRUCTURING PERIOD?
You will still have your warranty honoured, but only if GM manages to survive when it emerges from court in the U.S.
Should GM collapse a few years down the road, only those who bought their cars "during the restructuring period" will have their warranties backstopped by the government.
If the sale of Hummer is completed (it is now only a memorandum of agreement) then no doubt the new owners would honour existing warranties.
-
T.C.
- CHC Trail Guide
- Posts: 594
- Joined: Wed Dec 30, 2009 7:25 pm
- Location: ST. SAUVEUR
-
fcfanatic
- Club Member
- Posts: 0
- Joined: Thu May 07, 2009 3:36 pm
Re: GM has a BUYER for Hummer Brand
Lets hope they are going to pull this off.
I can't sse a hummer doing 100 mpg lol.
My BMW model X5 pushes out about 24. with carefull driving
I can't sse a hummer doing 100 mpg lol.
My BMW model X5 pushes out about 24. with carefull driving
-
T.C.
- CHC Trail Guide
- Posts: 594
- Joined: Wed Dec 30, 2009 7:25 pm
- Location: ST. SAUVEUR
Re: GM has a BUYER for Hummer Brand
hummer sale blocked!!!!!!!!!!!!! <img src='http://www.canadianhummerclub.com/forum ... >/ohmy.gif' class='bbc_emoticon' alt=':o' /> <img src='http://www.canadianhummerclub.com/forum ... >/ohmy.gif' class='bbc_emoticon' alt=':o' /> <img src='http://www.canadianhummerclub.com/forum ... >/ohmy.gif' class='bbc_emoticon' alt=':o' /> <img src='http://www.canadianhummerclub.com/forum ... >/ohmy.gif' class='bbc_emoticon' alt=':o' />
-
njlondon
- CHC Trail Guide
- Posts: 954
- Joined: Tue Jul 04, 2006 10:52 pm
Re: GM has a BUYER for Hummer Brand
BBC NEWS Page last updated at 14:41 GMT, Friday, 26 June 2009 15:41 UK
China 'to block' Hummer takeover
Hummer had thrived from its military image and demand for large cars
A Chinese firm's bid to buy the gas-guzzling Hummer car brand will be blocked on environmental grounds, according to Chinese state radio.
Sichuan Tengzhong Heavy Industrial Machinery emerged as the surprise buyer for the brand earlier this year.
But China National Radio said Hummer is at odds with the country's planning agency's attempts to decrease pollution from Chinese manufacturers.
But Sichuan Tengzhong disputed the accuracy of the radio report.
"The fact that it is from an article from a state media organisation does not mean it is government policy," the company said in a statement.
"Some people may have views and speculation, but the Chinese government has a process that we respect."
The acquisition from General Motors needs Chinese regulatory approval.
'Lacks expertise'
The value of the bid was not disclosed at the time, but analysts say that GM would have made about $100m (?61m) from the sale.
National Development and Reform Commission (NDRC) will also block Sichuan Tengzhong from buying Hummer because the Chinese construction equipment maker lacks expertise in car production, the state radio added.
Sichuan Tengzhong said: "The view expressed on China National Radio's website did not quote or source anyone at NDRC."
"We do not yet have a definitive agreement, but are developing our proposals with GM and Hummer and we will continue to engage with the appropriate authorities in an appropriate manner."
Hummers were originally built as military off-road vehicles by a company called AM General.
GM bought the Hummer brand in 1999.
The brand took off as US consumers flocked to large cars and sport utility vehicles and were favoured by celebrities including Arnold Schwarzenegger.
But sales have suffered as the military image has become less popular and petrol prices surged.
Hummers weigh up to five tons and have fuel consumption of around 15 miles per gallon.
The sale of Hummer, known as "Han Ma" or Bold Horse in China, has been part of GM's plan to reinvent itself by concentrating on fewer brands.
China 'to block' Hummer takeover
Hummer had thrived from its military image and demand for large cars
A Chinese firm's bid to buy the gas-guzzling Hummer car brand will be blocked on environmental grounds, according to Chinese state radio.
Sichuan Tengzhong Heavy Industrial Machinery emerged as the surprise buyer for the brand earlier this year.
But China National Radio said Hummer is at odds with the country's planning agency's attempts to decrease pollution from Chinese manufacturers.
But Sichuan Tengzhong disputed the accuracy of the radio report.
"The fact that it is from an article from a state media organisation does not mean it is government policy," the company said in a statement.
"Some people may have views and speculation, but the Chinese government has a process that we respect."
The acquisition from General Motors needs Chinese regulatory approval.
'Lacks expertise'
The value of the bid was not disclosed at the time, but analysts say that GM would have made about $100m (?61m) from the sale.
National Development and Reform Commission (NDRC) will also block Sichuan Tengzhong from buying Hummer because the Chinese construction equipment maker lacks expertise in car production, the state radio added.
Sichuan Tengzhong said: "The view expressed on China National Radio's website did not quote or source anyone at NDRC."
"We do not yet have a definitive agreement, but are developing our proposals with GM and Hummer and we will continue to engage with the appropriate authorities in an appropriate manner."
Hummers were originally built as military off-road vehicles by a company called AM General.
GM bought the Hummer brand in 1999.
The brand took off as US consumers flocked to large cars and sport utility vehicles and were favoured by celebrities including Arnold Schwarzenegger.
But sales have suffered as the military image has become less popular and petrol prices surged.
Hummers weigh up to five tons and have fuel consumption of around 15 miles per gallon.
The sale of Hummer, known as "Han Ma" or Bold Horse in China, has been part of GM's plan to reinvent itself by concentrating on fewer brands.