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General Motor Co. and Sichuan Tengzhong Heavy Industrial Machinery Co. jointly announced Sept.9 that the Hummer transaction agreement was signed eventually. China now has the high-profile brand from US.

According to the agreement Tengzhong will have property of Hummer brand, trademarks and necessary intellectual property rights to manufacture Hummer vehicles. Besides Tengzhong will also inherit and continue distribution agreement will dealers all over the world.

Relevant details on finance and accounting still are unclear. Insider told reporter that the final price for all this is around 150 million USD.

During the process Tengzhong build an investment company for this acquisition business and this company will take 80% share of Hummer business.

"Hummer is a unique international brand with great reputation, and this agreement between us is a new milestone for the brand" Fritz Henderson said in the ceremony "Hummer has an outstanding and experienced administration team and excellent design capacity, with all these and fresh money, the brand will surely has a brighter future."

According to report before the man behind the deal is Sichuan local millionaire Suolang Duoji who is very success with his NATRII SULFAS business.

According to the agreement there will be a layoff period and during which GM will continue produce Hummer till 2012, then Tengzhong take over the production 2012.

People familiar with Chinese government said that the agreement can not just be signed without permission from NDRC and MIIT. Since the transaction was approved finally by Chinese government, the business will get enough support from it. But, the premise is providing China green and fuel economy SUVs. Gochinaauto.com (http://www.gochinaauto.com/)is following this topic.

wow this is unbelievable o.o