Hummer has finally found a new owner, current parent company General Motors announced today. The General recently revealed that it has signed a memorandum of understanding with a new, yet unnamed, Hummer buyer.
Officials are also tight lipped about how much the recently ailing SUV brand went for, but did mention they expect the sale to be finalized by the end of the third quarter 2009.
It'll also potentially secure more than 3000 jobs in the production, engineering, and dealership areas of Hummer's business, GM says.
Once in the hands of the new owner, GM will continue to produce current and possibly some future models at its existing facilities per a contractually set transitional period.
One of those models is the H3 and its H3T variant which will stay alive until 2010 at the brand's Shreveport assembly plant.
Rumor has it, Hummer's upcoming parent is said to have agreed to aggressively fund new future products as part of the division's sale.
Hummer has been on the market since last summer as a result of GM's government mandated restructuring program. Speculated to be among the interested parties is previous owner AM General and China's Hunan Chengfeng Motor Company.