Posted: Feb 1, 2010 11:52 AM by Associated Press
General Motors' plan to sell the Hummer brand to a Chinese heavy equipment maker has been delayed by a month.
General Motors Co. and Sichuan Tengzhong Heavy Industrial Machinery Corp. said Monday they are extending the deadline to complete the transaction until Feb. 28 pending final approval by the Chinese government.
Hummer spokesman Nick Richards said the deal has cleared U.S. regulatory hurdles. He said both companies are "optimistic the deal will be completed" by month's end.
Sichuan Tengzhong says it's cooperating with the approval process. GM is selling Hummer to focus on core brands Chevrolet, Cadillac, Buick and GMC.
Hummers are built at the GM plant in Shreveport and the sale means the plant could stay open another two years.