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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.

GMC Hummer EV hits Neiman Marcus Christmas catalog for twice the price

This winter season, Nieman Marcus is getting into the true meaning of Christmas by offering a bunch of seriously expensive stuff in its annual holiday catalog. There's usually at least one automotive offering, and this year it's a 2022 GMC Hummer EV Edition 1 for an eye-watering $285,000. That's $172,405 more than the regular Edition 1 crab-walker, which is priced by GMC at $112,595. And what does one get for more than 2.5 times the cost of the most expensive electric Hummer? Well, hold your 1,000 horses, because this isn't just any Hummer EV Edition 1. No, it's a one-off Barrett-Jackson Hummer EV Edition 1. The interior of this Barrett-Jackson edition Hummer has been "curated" by Craig Jackson himself. And by curated, they mean it has a bunch of red trim everywhere and is garnished with a Neiman Marcus logo. Aside from that, there is nothing appreciably different about it. No performance upgrades, no special paint job. You do get an electric charging station at home, though, which might be the most useful addition to this whole enterprise. If that's not worth the price of an entire 1.5 extra Hummers to you, there's more. You get two VIP passes for the opening gala of the Barrett-Jackson auctions in exotic Scottsdale, Ariz. During the auction, you'll get access for two to Carolyn and Craig Jackson's personal skybox from where you can watch 1,500 cars trade hands. But don't get too comfy, because at some point you'll be invited on stage to receive your Hummer EV in front of a gaggle of inebriated fishing boat dealership owners. Oh, and you'll also get to bang the little auction hammer. You can pair the Hummer with other gifts in Nieman Marcus' "fantasy" catalog, like a $6.1 million dollar diamond ring. However, if you go with the $395,000 Great Gatsby-style roaring '20s party, make sure it doesn't end with the 9,000-pound Hummer Daisy Buchanan-ing any bystanders. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Turn Out the Lights: Final Hummer H3 rolls off the line... for Avis

2010 Hummer H3 - Click above for high-res image gallery
Would the last one out the door please switch off the lights? The long strange trip that has been the Hummer brand is just about over for General Motors. The final ever production H3 rolled out of GM's Shreveport, Louisiana factory on Monday May 24, 2010 on its way to an Avis rental car outlet. As you may recall, GM had actually stopped assembling H3s in mid-2009 as it went through bankruptcy, but it resumed production recently in order to fill an 849 unit special order.
GM tried to sell the Hummer brand to Sichuan Tengzhong Heavy Industrial Machines Co., Ltd but the deal ultimately fell apart last February. A subsequent offer from Raser Technologies also went nowhere. Now that production has ceased, 200 of the 900 remaining employees at Shreveport will be laid off by July and the rest of the Hummer staff back at headquarters in Detroit is either leaving or being reassigned.