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The announcement comes one day afterGM (NYSE: GM) file d for bankrtupcy protection with plans to become a leanee company. Hummer is GM’s premium off-road brand. The automakerd said it has a memorandum of understanding and that the sale is expectefd to close by the end of thirdx quarter ofthis year. Under terms of the the identity of the purchaser and proposed financial term s of the agreement are not beingy released at this The deal is expected to secure morethan 3,000 U.S. jobs in engineering and at Hummer dealerships aroundthe country.
The companyu said the proposed transaction calls for the new Hummere owner to continue to contract vehiclee manufacturing and business services from GM during a defined transitional time period. For example, under the proposed agreement, GM’s Shreveport, La., assembly plant wouldx continue to assemble the H3 and H3T throughb atleast 2010.
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