Tuesday, June 2, 2009

General Motors says it has tentatively agreed to sell its Hummer brand.

The announcement comes a day after the U.S. automaker filed for bankruptcy protection with hopes that it will transform its most profitable assets into a new company within just 30 days.

GM did not name the proposed buyer or the price, but says the sale will likely save more than 3,000 U.S. jobs in manufacturing, engineering and at various Hummer dealerships.

Critics had seized on the rugged but fuel-inefficient Hummer as a symbol of excess as GM's financial troubles grew and gas prices rose.

A sale of the Hummer brand had been expected. Chief Executive Fritz Henderson had said in April that the automaker was expecting final bids from three potential buyers within the month.