General Motors signed an greement with Chinese producer of machines, Tengzhong Heavy Industrial Machinery, to sell 80% stake of Hummer brand. The new investor has committed itself, that at least until mid-2011, it will produce current models hummers in existing plants in Louisiana and Indiana, so that will be maintained around three thousand jobs. The management of company and the headquarters' location won’t be change.

According to Reuter agency, Chinese tycoon will pay for hummer around 150 mln dollars, more than three times less than GM had expected to get for that brand a year ago. Despite pitched conditions of deal, Tengzhong must wait for approval of the Chinese Ministry of Commerce. According to analysts, the time is only one question, because the government repeatedly had urged to buy foreign companies during global crisis.

Source: China Daily

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