GM to sell Hummer brand to Chinese firm Sichuan Tengzhong

GM, the struggling auto giant under bankruptcy protection, has sold its Hummer brand to Chinese industrial firm Sichuan Tengzhong.

The move comes part of a restructuring strategy where GM will sell-off some of its less profitable brands including Pontiac, Saab, Saturn, and possibly others.

GM introduced the Hummer brand in 1999. The Hummer brand is the first causality part of the restructuring process.

 Tengzhong announced today it has acquired full rights to the Hummer brand, and will maintain the existing senior management teams, among other key managers.

GM said today the deal should save more than 3,000 American jobs. The Hummer isn’t going anywhere just yet; GM said today it will continue to manufacturer Hummers at least until 2010.

Final terms of the deal are still being worked out. All should be done by the end of September 2009.