Chinese buyer for Hummer at General Motors

One week after a deal to sell its Saturn brand fell through for General Motors Co., the Detroit automaker has inked an agreement to sell Hummer to a Chinese buyer.

In a joint statement Friday, GM and Sichuan Tengzhong Hefty Industrial Tackle Co. Ltd. vocal the Chinese company will acquire purchase of the Hummer brand, trademark and tradenames because together specific licensing rights.

Steve Cappellino, owner of Cappellino Buick Pontiac GMC Hummer Saab in Clarence, Western New York’s exclusive Hummer dealer, could not be immediately reached for comment.

GM said in June that it expected to sell its SUV brand to the Chinese heavy machinery maker.

The companies did not disclose financial terms in announcing the deal Friday but earlier news reports said Sichuan Tengzhong would pay $150 million.

As part of its restructuring, General Motors is working to cut its U. S. brand count in half.

Saturn, which failed to find a buyer when the Penske Automotive Group withdrew its plan to purchase it, is being discontinued, as is GM’s historic Pontiac brand.

Terms of the Saturn phase - out — including how long new Saturns will be produced and sold — will be announced at a later date.