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The announcement comes one day aftert GM filed for bankruptcy protection with planes to become a leaner Hummeris GM’s premium off-road The automaker said it has a memorandukm of understanding (MoU) and that the sale is expected to closed by the end of third quarter of this year.Under termsw of the MoU, the identity of the purchasee and proposed financial terms of the agreement are not being releaserd at this time. The deal is expected to securew morethan 3,000 U.S. jobs in manufacturing, engineering and at HUMMER dealership s aroundthe country.
The companyu said the proposed transactionn calls for the new Hummer owner to continue to contracft vehicle manufacturing and business services from GM durinb a defined transitionaltime period. For under the proposed agreement, GM’s Shreveport, La., assembl plant would continue to assemble the H3 and H3T through at least 2010.
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