GM Has Buyer for HummerBy Michelle Krebs June 2, 2009
DETROIT -- General Motors announced it has signed an agreement to sell Hummer, though it hasn't yet revealed who the buyer is or how much GM will receive for the SUV company.
GM said it expects to close the deal by the end of September, pending various approvals. The sale of Hummer will save 3,000 U.S. jobs in manufacturing, engineering and at Hummer dealerships, GM said.
The arrangement includes the new buyer contracting vehicle manufacturing and business services during the transition. GM's Shreveport, Louisiana, plant continues to contract assemble the H3 and H3T through at least 2010.