GM, Tengzhong Reach Deal On Sale Of Hummer Brand

Law360, New York (October 9, 2009, 7:06 PM EDT) -- General Motors Co. has finalized a deal to sell its Hummer brand to Chinese firm Sichuan Tengzhong Heavy Industrial Machinery Co. Ltd. for a reported $150 million in a deal helping the formerly bankrupt company reduce its bevy of brands.

The companies announced on Friday that they had entered into a sale agreement, which had been several months in the making, helping GM to dispose of at least one brand that was expected to be shed through the U.S. automaker's bankruptcy asset sale process and restructuring...
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