After months of negotiations, General Motors Corp. and Sichuan Tengzhong Heavy Industrial Machinery Co., Ltd have reached an agreement for Tengzhong to acquire GM's Hummer truck brand, the companies announced.

GM will continue to build the trucks and provide business services to the buyer during a transitional period. Two GM assembly plants that produce the H2, H3 and H3T models will continue production of those trucks until June 2011, with the option of a one year extension until June 2012.

Hummer CEO James Taylor will continue in his current post.

The deal is expected to preserve more than 3,000 U.S. jobs related to the sale and manufacturing of Hummer vehicles, the companies said. The buyer is assuming all existing agreements with current Hummer dealers.

 Terms of the sale were not disclosed.

By Light & Medium Truck