GM to shutter Hummer

General Motors announced that it would shutter Hummer, following a failed deal to sell the SUV line to China's Sichuan Tengzhong Heavy Industrial Machinery Co.

GM announced in October 2009 it planned to sign the contract on sale of Hummer to the Chinese company.

"We are disappointed that the deal with Tengzhong could not be completed," John Smith, GM vice president of corporate planning and alliances, said in a statement.

"GM will now work closely with Hummer employees, dealers and suppliers to wind down the business in an orderly and responsible manner," Smith said.

Under the terms of the original deal, Tengzhong was going to take an 80% stake in Hummer, as well as intellectual rights necessary for production of that all-terrain vehicle.

Predstavništvo Opel Southeast Europe LLC Beograd

General Motors

GM

Hummer

Sichuan Tengzhong Heavy Industrial Machinery

John Smith