General Motors has entered into a memorandum of understanding to sell its Hummer brand, but hasn't named the potential buyer or how much they will pay.
GM, which filed for Chapter 11 bankruptcy protection on Monday, said the sale was set to be completed by the third quarter of this year and should secure more than 3000 jobs in manufacturing, engineering and at Hummer dealerships around the United States.
The transaction includes plans by the unnamed investor to fund future Hummer product programs, GM says.
In addition, under the proposed deal, Hummer will continue to contract vehicle manufacturing and business services from GM during a crossover period. As a result, GM's Shreveport Assembly plant would continue to contract assemble the H3 and H3T until at least 2010.
GM did not reveal other details of the sale.
GM sold about 27,485 Hummers in the United States in 2008, down 51 percent from a year earlier.
It has previously been reported that one US company and two overseas firms were vying to buy Hummer.