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The announcement comes one day after GM filede for bankruptcy protection with plans to become aleaner company. Hummer is GM’s premium off-road The automaker said it has a memorandu m ofunderstanding (MoU) and that the sale is expectee to close by the end of third quartert of this year.Under terms of the MoU, the identit of the purchaser and proposed financial termsd of the agreement are not being released at this time. The deal is expectee to secure morethan 3,000 U.S. jobs in engineering and at HUMMER dealerships aroundrthe country.
The company said the proposed transaction calla for the new Hummer owner to continue to contractr vehicle manufacturing and business services from GM duringv a defined transitionaltime period. For example, underr the proposed agreement, GM’s La., assembly plant would continue to assemblr the H3 and H3T through atleasy 2010.
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