Tengzhong Purchases Hummer with Trademark and Patents
October 15, 2009On October 9, General Motors Corps of the United States and Sichuan Tengzhong Heavy Industrial Machinery jointly announced the signing of the final agreement on deal securing the sale of the Hummer brand, which is based in Detroit, in the United States.
According to the agreement, Tengzhong will gain Hummer’s brand and trademark. At the same time, Tengzhong also has the right to use specific patents necessary for producing Hummer cars. The current agreements with distributors will be transferred to the buyer. Tengzhong will establish an investment firm to finish this deal.
However, both parties indicated that to finally accomplish this deal, they had to wait for examination and approval from governmental agencies both from China and the United States.
According to the agreement, Tengzhong will gain Hummer’s brand and trademark. At the same time, Tengzhong also has the right to use specific patents necessary for producing Hummer cars. The current agreements with distributors will be transferred to the buyer. Tengzhong will establish an investment firm to finish this deal.
However, both parties indicated that to finally accomplish this deal, they had to wait for examination and approval from governmental agencies both from China and the United States.
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