General Motors Co. says it has signed an agreement to sell control of its iconic Hummer brand to a Chinese heavy equipment maker.
The company says that Sichuan Tengzhong Heavy Industrial Machinery Co. will acquire 80 percent of the Hummer brand, trademarks and trade names plus intellectual property rights needed to build Hummer vehicles. The remaining 20 percent will go to Suolang Duoji, a private entrepreneur.
Financial terms were not disclosed. The investors also will get Hummer’s nationwide dealer network.