Hummer buyer from China expanding brand's presence in America

Posted on Wednesday, 3 June 2009 , 12:06:46 byEmil

Filed under hummerchinau.s.americasichuantengzhongoff-roadHummerGM

Hummer buyer from China expanding brand's presence in America

Since GM's recent announcement rumors are floating around that the off-road-ready brand Hummer will be sold to Sichuan Tengzhong Heavy Industrial Machinery Company - Chinese manufacturing. According to the present CEO of Hummer - who would not be retained by China - the all-new owner will be expanding the lineup of the brand and keep its US dealership network.

This new Hummer model will become quite the first mainstream brand of China to do business in America - but that is not such a bad thing, states Jim Taylor Hummer CEO, who spoke for Automotive News involving the new owners of the firm. 'We’ve been in talks with these guys for over six months' Taylor told in an interview. 'The reality is in China you have folks that are willing to make investments all over the world and they go on a world search for a business that would be complementary for them'. 'They see a lot of growth potential with this brand both inside and outside of China'.

The release confirmed also that Tengzhong is expanding Hummer into all-new global markets, China (particularly). Tengzhong and GM expect to finalize this deal by the 3rd quarter this year. Credit Suisse will be acting as the financial adviser of Tengzhong, while GM will be using Citi. 'We will be investing in the Hummer brand and its research and development capabilities, which will allow Hummer to better meet demand for new products such as more fuel-efficient vehicles in the U.S.' stated CEO of Tengzhong - Yang Yi.