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Humvee maker AM General reportedly for sale, with interest from FCA, GM

WASHINGTON — AM General has put itself up for sale and has hired investment bank Macquarie Group Ltd to seek potential bidders in a deal that could value the builder of Humvee military vehicles at more than $2 billion, people familiar with the matter said this week. Potential bidders include competitors in the military ground vehicle market, such as General Dynamics, Oshkosh Corp and BAE Systems, according to two people familiar with the matter. Automakers like Fiat Chrysler and General Motors may also be potential buyers. GM licensed Hummer from AM General in 1998 to build civilian SUVs. None of the companies would comment or reply to a request for comment. The South Bend, Indiana-based AM General is currently owned by private equity firms. A possible sale of AM General follows a rash of deals over the past 18 months among defense contractors. But relatively fewer makers of defense equipment have gone on the auction block. Last year, United Technologies acquired Rockwell Collins for $30 billion, and in March, TransDigm Group continued its acquisition spree with a $525 million deal for Extant Components Group. AM General could fetch about 10 times its annual earnings of $160 million, one of the people said. The company's favorable tax treatment because of its current status as an limited liability corporation, would allow a buyer to reduce the company's taxable earnings for 15 years. That coupled with recent contract awards could push the ultimate value of the company to over $2 billion in a sale. The sale, should it happen, comes as the U.S. Army is gearing up for a broad effort to modernize its forces, including seeking prototypes of its Next-Generation Combat Vehicle in fiscal year 2022. Last month, AM General was awarded an Army contract for as many as 2,800 new M997A3 High Mobility Multipurpose Wheeled Vehicle (HMMWV) ambulances. The contract could be worth as much as $800 million if all options were exercised, AM General said at the time. Last year, the Pentagon awarded AM General a $550 million contract to deliver HMMWVs for use as protected weapons carriers, cargo transporters and ambulances to Afghanistan, Iraq, Ukraine, Jordan, Slovenia, Bahrain, Columbia, Bosnia and Kenya as a part of a larger Foreign Military Sales agreement. The sale of AM General offers an opportunity to purchase a prime contractor that delivers a finished product to the Pentagon, and not just an add-on system or service.

2022 GMC Hummer EV Drivers' Notes: We can't stop talking about Crab Walk

The 2022 GMC Hummer EV Pickup defies reason and sense in most ways. It’s a pickup that weighs over 9,000 pounds, but will do the 0-60 mph sprint in around 3.0 seconds. That sounds like something to be afraid of, but itÂ’s also something you want to experience. ItÂ’s a feat of engineering to make something so heavy move so quickly, but thatÂ’s what the EV revolution has brought upon us. GMC gets the Hummer up and moving as quickly as it does with three electric motors — one in front and two in the rear — that combine for a nutty 1,000 horsepower and 1,200 pound-feet of torque. All of that power is unleashed in Watts To Freedom (WTF) mode. Your seat starts rumbling; the air suspension lowers you to the ground, and an electrifying soundtrack is played over the speakers to match your throttle applications. Launching this supertruck is an event every single time, but due to its extra-high ride height and off-road chops, sending it down your favorite trail is, too. That is, assuming said trail is wide enough to fit the gargantuan Hummer. Those knobby all-terrain tires keep the Hummer from being even mildly entertaining when you explore the truckÂ’s handling Â… but who cares. Our specific tester is an Edition 1 model, which means it comes fully loaded with every option you can imagine. As such, its price is $110,295. For the amount of performance and capability on display here, that number sounds surprisingly right. ItÂ’s also befitting the HummerÂ’s status as a supertruck, wherein you get everything youÂ’d ever want in one go-anywhere do-anything package. Editor-in-Chief Greg Migliore — The Hummer EV is the biggest rock star vehicle IÂ’ve tested in quite some time. Literally. ItÂ’s huge and attracts a ton of deserved attention. The Hummer design is spot-on, especially the grille, lights and flared fenders. It looks the part. For $110,000, it should also have some substance, and this Edition 1 delivers Super Cruise, Watts to Freedom and CrabWalk, not to mention GMCÂ’s MultiPro tailgate and the removable Sky Panel roof. It feels quick, as you would expect something with 1,000 hp to feel, and itÂ’s shockingly maneuverable. I CrabWalked down my street to show off, navigating around things on the diagonal and amusing the neighbors. Just the regular four-wheel-steering function, which functions similar to those offered by various other cars, allows the Hummer to turn easily and confidently.

AM General's new CEO has strong military roots

AM General has a new president and chief executive officer. Current CEO Charlie Hall is retiring from the company. In his place, the defense and automotive manufacturer has named industry veteran Andy Hove. Though primarily a defense contractor, AM General has produced a number of civilian vehicles as well. The company is perhaps best known for the Hummer (or Humvee in military parlance) and continued producing both the original H1 and the subsequent H2 after selling the brand to General Motors. Even after GM shut down the brand, AM General continued producing Humvees for military use and as a civilian kit. The company is also behind Mobility Ventures, which produces purpose-built wheelchair-accessible vehicles, assembles the R-Class for Mercedes-Benz, and has been linked to potential commercial van and pickup truck assembly for GM as well. Based in South Bend, IN, AM General shares its roots with the Jeep brand. It was split off from American Motors Corporation after the latter was bought by Renault and then by Chrysler. Today it's owned by New York-based investment firms Renco Group and MacAndrews & Forbes. A former Army officer, Hove arrives at the company with considerable experience in the defense industry, particularly in vehicle manufacturing. He has previously served as president of HDT Global and before that of Oshkosh Defense. Prior to that he headed up the Bradley tank program for BAE Systems, where he increased sales from $250 million to $2 billion within five years. His departing predecessor Charlie Hall was named CEO in 2011, assuming day-to-day responsibility for the company's operations from the suitably named chairman James Armour. Related Video: AM General Announces Vehicle Manufacturing Industry Leader Andy Hove To Serve As Chief Executive Officer Hove Succeeds Retiring CEO Charlie Hall SOUTH BEND, Ind., Dec 8, 2015 – AM General, the global leader in light tactical vehicles, today announced that Andy Hove will serve as the company's new Chief Executive Officer and President, succeeding Charlie Hall who is retiring. Hove brings to AM General a track record of excellence at a diverse array of defense and commercial companies in the United States and around the world. Hove most recently served as the President and CEO of HDT Global where he rapidly proved the quality of his leadership in helping transform the company.