General Motors announced this morning that they have found a buyer for their Hummer brand, one of several niche brands that the automaker is looking to sell off, that they believe can close the deal and remove the brand from their portfolio. AP reports:
General Motors Corp. said Tuesday that it has tentatively agreed to sell its Hummer brand, a day after the U.S. automaker filed for bankruptcy protection with hopes that it will transform its most profitable assets into a new company within just 30 days.
The Detroit-based company did not name the proposed buyer or the price, but said the sale will likely save more than 3,000 U.S. jobs in manufacturing, engineering and at various Hummer dealerships.
“We’re not today in a position to be able to identify a buyer. it was part of the agreement,” GM Chief Executive Fritz Henderson told CBS’s “The Early Show.” ”We believe the buyer is quite capable of closing.”
Getting the Hummer vehicles out of their fleet should also help GM meet the stricter fuel efficiency standards announced recently by the White House.