Hummer purchased by Chinese heavy equipment manufacturer

According to sources at The New York Times, General Motors' Hummer division has been sold to a machinery company in western China. That company, Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., presently doesn't build automobiles, it is known for making construction and maintenance equipment, but more recently it has segued into heavy-duty trucks.

The NYT says that the memorandum of understanding between GM and Sichuan Tengzhong needs to be signed off on by Beijing officials, as the government has the discretion to veto any purchases of overseas firms by a Chinese company, particularly those transactions valued over $100 million. Hummer's final price tag isn't yet known but it is widely believed that to be under $500 million. Hat tip to IHC!

UPDATE: It's official. GM's press release announcing the buyer is posted below the fold.

[Source: The New York Times]