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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.

Report: GM temporarily restarts Saturn Outlook, Hummer H3 production

Saturn Outlook - Click above for high-res image gallery
Even though both the Saturn and Hummer brands are being phased out, General Motors has reportedly revived production of both the Outlook crossover and H3 SUV to meet consumer demands.
Last month, GM assembled 1,037 Outlooks at its Lansing, Michigan facility, which is where the crossover's Lamda platform stablemates (Buick Enclave, Chevrolet Traverse and GMC Acadia) are built. A spokesperson for GM states that production was reinstated to utilize the rest of the Saturn-specific material at the facility, and that the automaker will continue to assemble the Outlook for a few more weeks.

Team Miller Fisher finishes the 20th Anniversary Rallye A"icha des Gazelles

Team Miller Fisher finishes the Rallye Aïcha des Gazelles - Click above for high-res image gallery
Team Miller Fisher has crossed the finish line of the Rallye Aïcha des Gazelles - in a Hummer H3 driven off a Parisian dealer's lot - and battled from 51st to 12th out of 98 teams after a mistake on the first leg. The Rallye Aïcha, a six-stage trek through the desert, allows no use of GPS, no pace notes, no cell phones, and no binoculars. Pilots and co-pilots find their way between checkpoints with maps, compasses and pencils, and whoever completes the journey in the shortest distance, wins.
The race was made even harder this year by using not the 1:100,000-scale maps of years past, but scraps of paper with increasingly less route information as the race went on. Olympic skier and co-pilot Wendy Fisher wrote to say, "This continues to be the hardest thing I have ever done in my life. An unbelievably tough event. Days were SO long, almost impossible to get all of the checkpoints."