General Motors has officially reached an agreement to sell its Hummer off-road brand to a yet-to-be named buyer. The term sheet signing was announced by GM in a press release early Tuesday.
The move is expected to be a boon to workers at a GM plant in Shreveport, Louisiana, who will be picking up production work currently handled at a factory in South Africa.
“GM has signed a memorandum-of-understanding with an investor,” Hummer spokesman Nick Richards told our associates at PickupTrucks.com. “Both parties have agreed to the basic terms [of the purchase] but the financial details and buyer’s name are not being released at this time. That’s expected to be announced some time in the near future.”
Richards said the buyer meets all of GM’s criteria to purchase and operate the Hummer brand’s civilian truck production: They have a proven track record in international business; they know the Hummer brand can perform better globally; and they have a long-term development plan and are willing to invest in future products. (more…)