Company type | Privately owned company |
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Industry | Automotive Heavy equipment |
Founded | 2005 (Chengdu) |
Headquarters | , |
Area served | Worldwide |
Products | Construction equipment Heavy-duty trucks |
Website | www |
Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd | |||||||
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Simplified Chinese | 四川腾中重工机械有限公司 | ||||||
Traditional Chinese | 四川騰中重工機械有限公司 | ||||||
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Alternative Chinese name | |||||||
Simplified Chinese | 腾中重工 | ||||||
Traditional Chinese | 騰中重工 | ||||||
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Sichuan Tengzhong Heavy Industrial Machinery Co.,Ltd. is based in Chengdu,China. Sichuan Tengzhong is a privately owned company known for making a wide range of road equipment,such as bridge piers,highway construction and maintenance machinery. Sichuan Tengzhong has been moving more into heavy-duty trucks,including tow trucks and oil tankers.
On 1 June 2009,as a part of General Motors Chapter 11 reorganization announcement,GM revealed that Hummer brand would be discontinued. However,the following day GM announced it had reached a deal to sell the brand to an undisclosed buyer. [1] On 2 June 2009 GM announced the sale of Hummer to a non-disclosed Chinese company. [2] The New York Times reported Tuesday that the buyer would be the Sichuan Tengzhong Heavy Industrial Machinery Company Ltd.,a machinery company in western China. [3] [4] Late Tuesday Sichuan Tengzhong itself posted it on their own website. [5] The transaction was expected to close in the third quarter of 2009,subject to customary closing conditions and regulatory approvals. Financial terms of the agreement were not disclosed. [5] Credit Suisse acted as exclusive financial advisor and Shearman&Sterling acted as international legal counsel to Tengzhong on this transaction. Citi acted as financial advisor to GM. [5] Prior to the 2009 sale a handful of other Chinese automakers,including Chang Feng,expressed interest in the brand,but all declined to make a formal offer. [6]
The deal include the continuation of manufacturing in the two plants that GM already used to produce the Hummer trucks until June 2011,with a possible extension until 2012.
On 24 February 2010,The Chinese Ministry of Commerce rejected Tengzhong's bid to purchase Hummer from General Motors,and that the deal had collapsed. [7] The later stated the same and that they will discontinue the brand. Some reports were saying that Tengzhong would instead purchase it privately through the company's new supporter,J&A Tengzhong Fund SPC,a private equity investment fund owned by an offshore entity that was recruiting private investors to buy into its acquisition plan. [8] At the time,even established companies were in difficulties. With them,small companies were also declining (including Tengzong). Also falling was Hummer's value,with lowered customer demand. [9]
After that,some other buyers were approached to buy the brand,but those deals also failed. Finally,the Hummer brand was defunct on 24 May 2010.
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