No details are available yet on who the new owners are or how much they've paid for the HUMMER brand. The deal will keep alive about 3,000 jobs dependent on Hummer at GM and at the brand's dealerships.
Somebody has come along and bought the Hummer brand (likely for a song). The only thing is, we don't know who the mystery buyer is or how much they've paid for it.
GM has announced that it has found a buyer for its Hummer brand, builder of colossal SUVs, which had been a dead weight on the now bankrupt GM for a long time.
Under the terms of the deal, according to a GM press release, GM will continue to build Hummer vehicles under contract to the new owners of the brand. The Chapter 11 automaker says its plant in Shreveport, Louisiana will continue to assemble the H3 and H3T models until at least 2010. That means just through next year, of course.
The deal will keep alive about 3,000 jobs dependent on Hummer both at GM and at the brand's retail outlets.
GM says it expects to close the deal by the end of the third quarter of this year. Under the terms of the agreement, the identity of the buyer nor the details of the sale can yet be publicly released.
It's hard to guess at who the new owners are. Anyone could have traded in an old 1984 Dodge Omni and bought either Hummer or Saturn from GM these days.
What to say? Hey, new mystery buyer, good luck with that.