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General Motors reaches deal to sell gas-guzzling SUV Hummer, also trying to sell its Saab and Saturn!
By Amarendra Bhushan for CEOWORLD Magazine Updated:June 2, 2009
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General Motors says it has completed a deal to sell off its fuel-guzzling SUV Hummer brand.
The US manufacturer, which has received tens of billions of dollars in bailout money from the US Government, sought bankruptcy protection yesterday.
It says the sale of the Hummer brand will probably save around 3,000 jobs.
GM is also trying to sell its Saab and Saturn brands and will phase out Pontiac as it concentrates on the Chevrolet, Cadillac, Buick and GMC marques.
As part of the proposed deal, Hummer will continue to contract vehicle manufacturing and business services from GM during a defined transitional time period, GM said in a statement.
A GM plant in Shreveport, La., will continue to assemble the H3 and H3T under contract through at least 2010.
G.M. did not disclose the buyer’s name or the price.
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