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Sichuan Tengzhong, a private Chinese company, is to buy the division of General Motors, a beleaguered American carmaker, that makes the Hummer, a gas-guzzling hulk.
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In June, Sichuan Tengzhong announced that it had a tentative agreement with GM to buy the brand, which features large off-road vehicles that initially were developed for military use.
NPR: GM Sells Hummer Brand To Chinese Company
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General Motors Co. and Sichuan Tengzhong Heavy Industrial Machinery Corp. finally signed the much-anticipated deal to sell the brand on Friday, according to a joint statement issued by both companies.
NPR: GM Sells Hummer Brand To Chinese Company
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On Wednesday, GM announced that its year-long effort to close a deal with Sichuan Tengzhong Heavy Industrial Machines Co. was dead, and it would begin to wind down Hummer operations.
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The deal with Sichuan Tengzhong has long been expected.
NPR: GM Sells Hummer Brand To Chinese Company
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Tengzhong will get an 80 percent stake in the company, while Hong Kong investor Suolang Duoji, who indirectly owns a big stake in Tengzhong through an investment company called Sichuan Huatong Investment Holding Co.
NPR: GM Sells Hummer Brand To Chinese Company