Tengzhong

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Sichuan Tengzhong Heavy Industrial Machinery Company Ltd (simplified Chinese: 四川腾中重工机械有限公司; traditional Chinese: 四川騰中重工機械有限公司; pinyin: Sìchuān Téngzhōng Zhòng Gōngjīxiè Yǒuxiàn Gōngsī), usually shortened to simplified Chinese: 腾中重工; traditional Chinese: 騰中重工; pinyin: Téng Zhōng Zhòng Gōng) is based in Chengdu, China. Sichuan Tengzhong is a privately owned company known for making a wide range of road equipment, such as bridge piers, highway construction and maintenance machinery. Sichuan Tengzhong has been moving more into heavy-duty trucks, including tow trucks and oil tankers.

Hummer

On June 1, 2009, as a part of General Motors Chapter 11 reorganization announcement, GM revealed that Hummer brand would be discontinued. However, the following day GM announced that instead it had reached a deal to sell the brand to an undisclosed buyer.[1] On June 2, 2009 GM announced the sale of Hummer to a non-disclosed Chinese company[2]. The New York Times reported Tuesday that the buyer would be the Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., a machinery company in western China.[3][4] Late Tuesday Sichuan Tengzhong itself posted it on their own website[5]. The transaction was expected to close in the third quarter of 2009, subject to customary closing conditions and regulatory approvals. Financial terms of the agreement were not disclosed.[5] Credit Suisse is acting as exclusive financial advisor and Shearman&Sterling is acting as international legal counsel to Tengzhong on this transaction. Citi is acting as financial advisor to GM.[5]

General Motors announced on October 9, 2009 that they have sold their entire stake in the Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery and a group of private investors (Mr. Suolang Duoji, a private entrepreneur with holdings that include the Hong Kong-listed thenardite producer Lumena, will hold the remaining 20 percent stake.). Sichuan now owns 80% of the company, Autoblog reports. The sale will net GM around $150 million, although the transaction still has to be approved by both U.S. and Chinese regulatory agencies, which is anticipated to occur this year (2010).[6][7]

The deal includes manufacturing to continue in the two plants that GM already uses to produce the Hummer trucks through June 2011, with a possible extension until 2012.

Prior to the 2009 sale a handful of other Chinese automakers, including Chang Feng, expressed interest in the brand, but all declined to make a formal offer.[8]

On February 24, 2010, The Ministry of Commerce of the People's Republic of China rejected Tengzhong's bid to purchase Hummer from General Motors. [9]

See also

References

  1. ^ http://www.nytimes.com/2009/06/03/business/03auto.html
  2. ^ http://www.msnbc.msn.com/id/31059625/
  3. ^ http://www.msnbc.msn.com/id/31059625//
  4. ^ http://www.nytimes.com/2009/06/03/business/03auto.html?_r=1&hp
  5. ^ a b c http://www.sctengzhong.com:8080/tengzhong/weben/newn.jsp?id=1158
  6. ^ http://www.autoblog.com/2009/10/09/breaking-gm-source-say-hummer-sold-to-chinese/
  7. ^ Sichuan Tengzhong (Official statement)
  8. ^ China's Changfeng had talks on GM's Hummer: source reuters.com, Mon Aug 18, 2008 4:19am EDT
  9. ^ (Reuters)

External links

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